Paris-based Corum pays $17.1M to Toll Brothers for UWS retail condo

Paris-based Corum Asset Management through the entity Corum Investments LLC paid $17.1 million to Toll Brothers through the entity 2686-2690 Broadway LLC for the retail condominium at 218 West 103rd Street in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on November 13, 2024 and was recorded on November 21, 2024. The property has 11,118 square feet of built space composed of 8,128 square feet on the ground floor and 2,990 square feet on the lower level, according to a PincusCo analysis of city data. The sale price per built square foot is $1,538 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 Toll Brothers was David W. Lu. The signatory for Corum Asset Management was Philippe Cervesi. The contract date was November 13, 2024. The space is subject to a lease that Toll Brothers signed November 25, 2020, with CVS, which commenced on February 12, 2024 and runs for 15 years with two five-year extension options.

CoStar reported on the transaction earlier this month.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Corum Asset Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Toll Brothers had not purchased any other properties and had not sold any properties over the same time period.

The property

PincusCo cannot determine the lot area of the 218 West 103rd Street parcel at this time.

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. On the tax lot, the most recent condominium plan was filed by 2686 – 2690 BROADWAY LLC to create 81 residential units and 1 commercial units in a building at 218 West 103rd Street in Upper West Side, Manhattan, called Rockwell Condominium that has a $166.6 million sellout, according to an April 12, 2022 submission to the New York State Attorney General.

The block

On this tax block, PincusCo has identified the owners of 13 of the 19 commercial properties representing 294,367 square feet of the 492,430 square feet. The largest owner is New York City Housing Authority, followed by Ditmas Management Corp. and then Alan Garfield.
On the tax block, there was one new building construction project filed totaling 91,763 square feet. It is a 73-unit, 91,763 square-foot residential (R-2) building submitted by Toll Brothers and filed by Joseph Clark with plans filed March 23, 2020 and permitted February 3, 2022.

The majority, or 72 percent of the 492,430 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Toll Brothers owned at least three commercial properties with 81 residential units in New York City with 43,194 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) The portfolio has $76.6 million in debt, borrowed from Bank of New York Mellon. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

Direct link to Acris document. link