Sackman submits $152.4M, 21-unit condo plan on UWS

Sackman Enterprises filed a condominium plan with 21 residential units and five commercial units at 15 West 96th Street on the Upper West Side, in Manhattan.

The project is called 15 West 96th Street and it has a $152.4 million sellout, according to an September 27, 2022 submission to the New York State Attorney General. The principals of the sponsor, West 96th Fee Owner, LLC, were James Hefelfinger and Carter Sackman, both of Sackman Enterprises.

The 15 West 96 Street parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,055 square feet. The zoning is R9 which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.5 million.The most recent loan totaled $45 million and was provided by First Republic Bank on October 5, 2021.

Jamie Hefelfinger through the entity 96th Development LLC submitted a new building construction project for a 17-unit, 60,334 square-foot R-2 building at 15 West 96th Street. The plan was filed on December 18, 2014 and was permitted on November 28, 2020. It calls for the construction of a 289-foot-tall, 22-story building and was filed with the New York City Department of Buildings under job number 121192404.

The property is owned by Sackman Enterprises.

According to city public data, the property has received $15,060 in ECB penalties and $33,170 in OATH penalties in the last year.

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 778,855 square feet of the 831,094 square feet. The largest owner is Jonathan Rose Companies, followed by Stellar Management and then Richard Eisenberg.

The PincusCo database currently indicates that Sackman Enterprises owned at least 41 commercial properties in New York City with 443,131 square feet and a city-determined market value of $150.6 million. (Market value is typically about 50% of actual value.) The portfolio has $84.8 million in debt, with top three lenders as First Republic Bank, Citibank, and New York Community Bank respectively. Within the portfolio, the bulk, or 58 percent of the 443,131 square feet of built space are walkup properties, with elevator properties next occupying 26 percent of the space. They are all located in Manhattan.

Within a 400-foot radius of 15 West 96 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were two permits with a total initial cost of $4 million. The most recent of these two items was the permit on June 24, 2021 for a 174,608-square-foot R-2 building with 95 residential units at 360 Central Park West.

Direct link to the property’s ACRIS page.