Nortco Development files plans for 37-unit building on UWS
200 West 88th Street (Credit - Ralph Kowalozyk architect via DOB)
Nortco Development through the entity Amsterdam 88 LLC submitted a new building construction project for a 37-unit, 114,274 square-foot residential (R-2) building at 200 West 88th Street in the Upper West Side, Manhattan, at the corner of Amsterdam Avenue. The plan was filed with the New York City Department of Buildings on September 10, 2024 under job number M01105098. It calls for the construction of an 18-story building. The project is described in the filing as: proposed 18-story, mixed-use building with cellar. Frank Ortiz filed the plans on behalf of Nortco. The architect is Issac & Stern Architects, P.C.
Nortco Development was founded in 2013 by Haim Nortman (also spelled Chaim) and Rony Nortman. Nortco refinanced the debt on the property in July. Nortco bought the four parcels in 2018 for $46 million.
200 West 88th Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | MERCANTILE: STORAGE, STOCK, SHIPPING AREAS | Retail Sale | 2 | Mercantile | ||
| 2 | Cellar | BICYCLE STORAGE ROOM FOR 18 BICYCLES, (321SF - 15 SF PER BIKE), RESIDENTIAL STORAGE | Storage of non combustible Materials | 3 | Storage | ||
| 3 | Cellar | ACCESSORY TENANT: FITNESS ROOM, YOGA STUDIO, MUSIC ROOM, MAKER ROOM, SPORT SIMULATOR, BREAK ROOM, PET SPA, LOBBY | Apartment | 35 | Residential | ||
| 4 | Cellar | FIRE PUMP ROOM, GAS METER ROOM, HWH ROOM, WATER SERVICE ROOM, DETENTION TANK ROOM, TRASH COMPACTOR ROOM, TELECOM, ELEC ROOM, LAUNDERY ROOM, AV CLOSET, | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | ||
| 5 | 1 | MERCANTILE #3 (743 SF) | Retail Sale | 24 | Mercantile | ||
| 6 | 1 | RESIDENTIAL LOBBY, WAITING AREA, PACKAGE ROOM, | Apartment | 1 | Residential | ||
| 7 | 1 | MERCANTILE #1 (855 SF) | Retail Sale | 28 | Mercantile | ||
| 8 | 1 | MERCANTILE #2(1168 SF) | Retail Sale | 28 | Mercantile | ||
| 9 | Mezzanine - 1 | MEZZ | Apartment | 1 | Residential | ||
| 10 | 2 | ACCESSORY TENANT: CARD ROOM, KIDS ROOM, LOUNGE, DINING, TERRACE, | Apartment | 1 | Residential | ||
| 11 | 2 | AUTOMATED PARKING | Parking Garage | 2 | Storage | ||
| 12 | 3 | (3) THREE CLASS (A) APARTMENTS | Apartment | 50 | Residential | 3 | |
| 13 | 4 | (3) THREE CLASS (A) APARTMENTS | Apartment | 50 | Residential | 3 | |
| 14 | 5 | (3) THREE CLASS (A) APARTMENTS | Apartment | 50 | Residential | 3 | |
| 15 | 6 | (3) THREE CLASS (A) APARTMENTS | Apartment | 50 | Residential | 3 | |
| 16 | 7 | (7) SEVEN CLASS (A) APARTMENTS | Apartment | 37 | Residential | 3 | |
| 17 | 8 | (7) SEVEN CLASS (A) APARTMENTS | Apartment | 37 | Residential | 3 | |
| 18 | 9 | (7) SEVEN CLASS (A) APARTMENTS | Apartment | 37 | Residential | 3 | |
| 19 | 10 | (7) SEVEN CLASS (A) APARTMENTS | Apartment | 37 | Residential | 3 | |
| 20 | 11 | (7) SEVEN CLASS (A) APARTMENTS | Apartment | 37 | Residential | 3 | |
| 21 | 12 | (2) TWO CLASS (A) APARTMENTS | Apartment | 31 | Residential | 2 | |
| 22 | 13 | (2) TWO CLASS (A) APARTMENTS | Apartment | 31 | Residential | 2 | |
| 23 | 14 | (1) ONE CLASS (A) APARTMENT | Apartment | 21 | Residential | 1 | |
| 24 | 15 | (1) ONE CLASS (A) APARTMENT | Apartment | 21 | Residential | 1 | |
| 25 | 16 | (1) ONE CLASS (A) APARTMENT | Apartment | 21 | Residential | 1 |
Violations and lawsuits
According to city public data, the property has received $7,430 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has the 7th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Upper West Side has near average amount of major developments among other neighborhoods and is the 9th highest in Manhattan. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 12 of the 21 commercial properties representing 383,991 square feet of the 666,638 square feet. The largest owner is Atlantic Coast Enterprises Llc, followed by BLDG Management and then Brusco Group. On the tax block, there was one new building construction project filed totaling 114,274 square feet. It is a 37-unit, 114,274 square-foot residential (R-2) building submitted by Frank Ortiz with plans filed September 10, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Nortco Development owned at least four commercial properties with 56 residential units in New York City with 46,000 square feet and a city-determined market value of $10.8 million. (Market value is typically about 50% of actual value.) The portfolio has $13 million in debt, borrowed from Bank Hapoalim. Within the portfolio, the bulk, or 68 percent of the 46,000 square feet of built space are walkup properties, with elevator properties next occupying 32 percent of the space. They are all located in Manhattan.
The owner according to the Department of Housing Preservation and Development is Frank Ortiz, head officer. The business entity is Amsterdam Llc.
The surrounding
Within a 400-foot radius of 574 Amsterdam Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, three were sales above $5 million totaling $34.9 million. The most recent of the three was Belnord Ags LLC which bought one condo unit in the 4,608-square-foot, 213-unit mixed-use building (RM) on 2360 Broadway for $12.3 million from Belnord Partners LLC on May 3, 2024. Of those five items, two were loans above $5 million totaling $67 million. The most recent of the two was Laurence Beame in which borrowed $13 million from JPMorgan Chase secured by the 9,675-square-foot, 15-unit rental (C1) on 204 West 88th Street and three other properties on September 25, 2023.
Direct link to the property’s ACRIS page and link to DOB NOW portal.