Pan Wang pays $3.6M for 6-unit walkup in Upper West Side

Pan Wang through the entity Park West Properties LLC paid $3.6 million to James Ciarrocchi estate through the entity 4 West 83rd St NYC LLC for six-unit residential walkup building (C2) at 4 West 83rd Street in Upper West Side, Manhattan.
The deal closed on February 21, 2023 and was recorded on February 24, 2023. The property has 4,760 square feet of built space and 13,626 square feet of additional air rights for a total buildable of 18,390 square feet according to PincusCo analysis of city data. The sale price per built square foot is $758 and the price per buildable square foot is $196 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 James Ciarrocchi estate was Carolyn M. Ratcliff. The signatory for Pan Wang was Pan Wang.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Pan Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James Ciarrocchi estate 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 Carole Ferrara, head officer and James Ciarrocchi, shareholder. The business entity is 4 West 83rd St Nyc Llc.

The property

The 4 West 83rd Street parcel has frontage of 18 feet and is 102 feet deep with a total lot size of 1,839 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $2.9 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.2 million commercial foreclosure concerning a loan filed on February 7, 2023, by Emigrant Bank against James Ciarrocchi estate. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 15 of the 31 commercial properties representing 136,719 square feet of the 271,494 square feet. The largest owner is Robert Pincow, followed by Michel Kadoe and then Marin Management.
there are no active new building construction projects on this tax block.

the majority, or 90 percent of the 271,494 square feet of built space are walkup buildings, with elevator buildings next occupying 10 percent of the space.

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