Nathan Benelyahou, Alan Kaypour pay $9.5M for 13-unit UWS walkup

Nathan Benelyahou and Alan Kaypour through the entity 2794 Broadway LLC paid $9.5 million to Jonah Kriger through the entity 2794 Broadway Acquisitions LLC for the 13-unit residential walkup building (C7) at 2794 Broadway in Upper West Side, Manhattan.
The deal closed on June 30, 2023 and was recorded on July 11, 2023. The property has 15,663 square feet of built space and 6,150 square feet of additional air rights for a total buildable of 21,815 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $607 and the price per buildable square foot is $435 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on August 17, 2005, for $6.1 million. The signatory for Jonah Kriger was Jonah Kriger. The signatory for Nathan Benelyahou and Alan Kaypour was Nathan Benelyahou.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Nathan Benelyahou purchased one property in one transaction for a total of $4.4 million and has no record it sold any properties over the past 24 months.
The seller Jonah Kriger had not purchased any other properties and sold four properties in three transactions for a total of $29.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jose Moran, head officer and Jonah Kriger, shareholder. The business entity is 2794 Broadway Acquisitions Llc.

The property

The residential walkup building with 13 residential units in Upper West Side has 15,663 square feet of built space and 6,150 square feet of additional air rights for a total buildable of 21,815 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 111 feet deep with a total lot size of 2,901 square feet. The lot is irregular. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received five housing violations and $2,780 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 20 commercial properties representing 202,550 square feet of the 347,022 square feet. The largest owner is Yonit Tzadok-Nordenberg, followed by Tri-Hill Mangement and then Rockabill Development.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 347,022 square feet of built space are elevator buildings, with walkup buildings next occupying 40 percent of the space.

The buyer

The PincusCo database currently indicates that Nathan Benelyahou owned at least one commercial property with nine residential units in New York City with 5,000 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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