Neue Urban pays $3.5M for 10-unit walkup in Upper West Side

Zachary Ehrlich’s Neue Urban through the entity 303 W 74th Nukin Investors LP paid $3.5 million to the entity HF Westside Real Estate LLC for the 10-unit residential walkup building (C1) at 303 West 74th Street in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on May 12, 2025 and was recorded on May 13, 2025. The property has 8,255 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $417 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 signatory for the seller Herta Fleher was Juergen R. Ostertag . The contract date was February 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Neue Urban purchased one property in one transaction for a total of $3.9 million and has no record it sold any properties over the past 24 months.
The seller Herta Fleher had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Juergen Ostertag, head officer and Maximillan Dietrich, officer. The business entities are Tri-Star Equities and Hf Westside Real Estate Llc.

The property

The residential walkup building with 10 residential units in Upper West Side has 8,255 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 65 feet deep with a total lot size of 1,925 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the West End-Collegiate Historic District. 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 not received any significant violations 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 16 of the 23 commercial properties representing 304,794 square feet of the 428,490 square feet. The largest owner is Brusco Group, followed by Engel Burman and then Eugenio Presta.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 428,490 square feet of built space are hotel buildings, with walkup buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Neue Urban owned at least four commercial properties with 29 residential units in New York City with 27,528 square feet and a city-determined market value of $6.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5.7 million in debt, borrowed from Derby Copeland Capital. Within the portfolio, all identified are walkup properties. The bulk, or 69 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.

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