Nelson Management acquires control of 140-unit UWS rental valued at $55M

Nelson Management Group through the entity Nelstahl Associates LLC acquired an interest from 13 separate entities totaling $31.98 million for a 59.6 percent stake in the 140-unit residential elevator building (D7) at 410 Cathedral Parkway in Upper West Side, Manhattan. The total implied value of the building is either $52.6 million or $55.3 million, depending on the different buyers.
The most recent deal closed on July 13, 2022 and was recorded on July 19, 2022. The property has 117,276 square feet of built space according to PincusCo analysis of city data.

There have been 13 transactions since June 2022 for entity level purchases of the ownership stakes totaling 59.6 percent for a total of $31.988 million with the total implied value either $52.6 million or $55.3 million.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Adam Nadel, head officer and Christine Chorny, officer. The business entity is Morningside Housing Associates. The 117,276-square-foot property generated revenue of $5.3 million or $45 per square foot, according to the most recent income and expense figures.

The property

The 410 Cathedral Parkway parcel has frontage of 150 feet and is 172 feet deep with a total lot size of 15,000 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $25.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received seven housing violations and $680 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 117,845 square feet of the 235,121 square feet. The largest owner is Morris Schreiber, followed by Camber Property Group and then Consolidated Edison.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 235,121 square feet of built space are elevator buildings, with specialty buildings next occupying 0 percent of the space.

Surrounding

Within a 400-foot radius of 410 Cathedral Parkway, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were sales above $5 million totaling $35.4 million. The most recent of the two was Harlem Congregations for Community Improvement which bought the 31,026-square-foot, 49-unit rental (D1) on 107 West 109th Street for $28 million from Camber Property Group on November 19, 2020.
Of those five items, three were loans above $5 million totaling $236.4 million. The most recent of the three was Black Spruce Management which borrowed $189.4 million from Signature Bank secured by the 18,918-square-foot, 15-unit rental (C4) on 118 West 109th Street and 47 other properties on May 3, 2022.

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