Robert Braun pays $3.9M for 9-unit walkup in Lincoln Square

Robert N. Braun through the entity West68 LLC paid $3.9 million to Melene Nahodil and Neal Hidalgo through the entity 41 West 68, LLC for the nine-unit residential walkup building (C5) at 41 West 68th Street in Lincoln Square, Manhattan.
The deal closed on May 2, 2023 and was recorded on May 16, 2023. The property has 5,651 square feet of built space and 1,572 square feet of additional air rights for a total buildable of 7,232 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $690 and the price per buildable square foot is $539 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 Melene Nahodil and Neal Hidalgo was Melene Nahodil and Neal Hidalgo. The signatory for Robert N. Braun was Robert N. Braun.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Robert N. Braun had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Melene Nahodil 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 Melene Nahodil, head officer and Alesandra Nahodil, officer. The business entity is 41 W.68 Llc.

The property

The residential walkup building with 9 residential units in Lincoln Square has 5,651 square feet of built space and 1,572 square feet of additional air rights for a total buildable of 7,232 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,808 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 $3.4 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 received $80 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 this tax block, PincusCo has identified the owners of 31 of the 42 commercial properties representing 341,682 square feet of the 420,688 square feet. The largest owner is Zaka Investments, followed by Yehuda Cohen and then Thijs Menger.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 420,688 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Neal Hidalgo owned at least one commercial property with 20 residential units in New York City with 8,825 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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