Prospect Acquisitions pays $4.2M for 10-unit walkup in Upper West Side

Prospect Acquisitions through the entity 1338 Chisholm St LLC paid $4.2 million to the entity 6 Penny LLC for the 10-unit residential walkup building (C5) at 129 West 85th Street in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on January 27, 2026 and was recorded on February 6, 2026. The property has 5,480 square feet of built space and 1,731 square feet of additional air rights for a total buildable of 7,216 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $766 and the price per buildable square foot is $582 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 Karen Erhard and Ann Ach was Karen Erhard. The signatories for Prospect Acquisitions were Ilya Tolmasov and Daniel Arnel . The contract date was November 26, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Prospect Acquisitions had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Karen Erhard 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 Karen Erhard, head officer and Paul Ach, officer. The business entity is 6 Penny Lane Llc.

The property

The residential walkup building with 10 residential units in Upper West Side has 5,480 square feet of built space and 1,731 square feet of additional air rights for a total buildable of 7,216 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 97 feet deep with a total lot size of 1,804 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $2.5 million.

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.

The block

On this tax block, PincusCo has identified the owners of 22 of the 32 commercial properties representing 631,241 square feet of the 687,804 square feet. The largest owner is Morris Schreiber, followed by Rudin Management and then Harry Schessel.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 687,804 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

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