Nonprofit sells UWS building owned for decades for $7.3M

Gmen Acquisition Company LLC paid $7.3 million to the nonprofit Sino-American Amity Fund for the building (W9) at 86 Riverside Drive in the Upper West Side, Manhattan.
The deal closed on August 27, 2021 and was recorded on September 13, 2021.
The property has 8,434 square feet of built space and 10,818 square feet of additional air rights for a total buildable of 19,250 square feet according to PincusCo analysis of city data. The sale price per built square foot is $862 and the price per buildable square foot is $377 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 Sino-American Amity Fund was Peter Li.

The seller has owned the parcel since it acquired it from the Chinese Merchants Association in 1956. The seller’s neighbor alleged the nonprofit allowed the building to fall into disrepair and it became a nuisance and in 2019 the neighbor sued the Sino-American fund and in 2020 won a default judgment of $404,560.

Within a 400-foot radius of 86 Riverside Drive, 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 $22.4 million. The most recent of the two was Horizon Group which bought the 25,639-square-foot hotel (HS) on 80 Riverside Drive for $12.1 million from Cosmopolitan Broadcasting Corporation on September 9, 2021.
Of those five items, three were loans above $5 million totaling $53.2 million. The most recent of the three was Horizon Group which borrowed $8.7 million from NewBank secured by the 25,639-square-foot, one-unit hotel (HS) on 80 Riverside Drive on September 9, 2021.

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