Peak Capital pays $32.5M for six UWS walkups

Peak Capital Advisors through the entity 200 W 80th Owner 2 LLC paid $32.5 million to Eli Rosenberg through the entity 200 West 80th Street Realty LLC for the 12-unit residential walkup building (C7) at 416 Amsterdam Avenue, the 10-unit residential walkup building (C4) at 204 West 80th Street, the 10-unit residential walkup building (C7) at 202 West 80th Street in Upper West Side, Manhattan and others. The expected use is cash flowing.
The deal closed on December 16, 2024 and was recorded on December 30, 2024. The six properties have 59,865 square feet of built space and 37,476 square feet of additional air rights for a total buildable of 97,286 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $542 and the price per buildable square foot is $334 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 Eli Rosenberg was Michael Adler. The signatory for Peak Capital Advisors was Alex Rabin. The contract date was August 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 18 properties in 18 transactions for a total of $100 million and sold three properties in two transactions for a total of $39.3 million over the past 24 months.
The seller Eli Rosenberg purchased six properties in one transaction for a total of $25.9 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mark Rudd, head officer and Frederick Rudd, officer. The business entity is 200 West 80th Street Corp.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three DOB violations, $11,250 in ECB penalties, two housing violations, and $11,950 in OATH penalties 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 the tax block of 416 Amsterdam Avenue, PincusCo has identified the owners of 16 of the 26 commercial properties representing 262,577 square feet of the 566,434 square feet. The largest owner is Friedland Properties, followed by Eli Rosenberg and then William Harra.
On the tax block, there was one new building construction project filed totaling 122,323 square feet. It is a 72-unit, 122,323 square-foot residential (R-2) building submitted by William Friedland with plans filed August 5, 2014 and permitted April 13, 2016.

The majority, or 38 percent of the 566,434 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Eli Rosenberg owned at least seven commercial properties with 82 residential units in New York City with 67,545 square feet and a city-determined market value of $17.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 89 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 50 commercial properties with 490 residential units in New York City with 415,860 square feet and a city-determined market value of $128.6 million. (Market value is typically about 50% of actual value.) The portfolio has $119.4 million in debt, with top three lenders as Prime Finance, Derby Copeland Capital, and Amalgamated Bank respectively. Within the portfolio, the bulk, or 79 percent of the 415,860 square feet of built space are walkup properties, with mixed-use properties next occupying 14 percent of the space. The bulk, or 43 percent of the built space, is in Brooklyn, with Manhattan next at 29 percent of the space.

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