Sendowski family pays $45.5M to Clipper Equity for 86-unit rental in Lincoln Square

Janusz Sendowski and Pamela Sendowski Irrevocable Trust through the entity 10 W65, LLC paid $45.5 million to Clipper Equity through the entity 10 West 65 Owner LLC for the 86-unit residential elevator building (D1) at 10 West 65th Street in Lincoln Square, Manhattan. The expected use is cash flowing.
The deal closed on May 30, 2025 and was recorded on July 7, 2025. The property has 82,230 square feet of built space and 33,684 square feet of additional air rights for a total buildable of 115,872 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $553 and the price per buildable square foot is $393 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 seller bought the property on October 27, 2017, for $79 million. The signatory for Clipper Equity was David Bistricer . The signatory for Janusz Sendowski and Pamela Sendowski Irrevocable Trust was Janusz Sendowski. The contract date was March 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Janusz Sendowski had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Clipper Equity 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 Aidin Ujka, head officer and Mentor Bara, site manager. The business entity is 10 West 65 Owner Llc. The 82,230-square-foot property generated revenue of $4 million or $49 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 86 residential units in Lincoln Square has 82,230 square feet of built space and 33,684 square feet of additional air rights for a total buildable of 115,872 square feet according to a PincusCo analysis of city data. The parcel has frontage of 191 feet and is 100 feet deep with a total lot size of 19,248 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $17 million. The property has 22 rent regulated units according to city tax records from 2022.

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 three housing violations and $1,400 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 23, 2018. 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 eight of the 11 commercial properties representing 569,197 square feet of the 639,943 square feet. The largest owner is Glenwood Management Corp, followed by Clipper Equity and then Mark Harounian.
There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 639,943 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Clipper Equity owned at least 30 commercial properties with 6,531 residential units in New York City with 5,245,283 square feet and a city-determined market value of $705.1 million. (Market value is typically about 50% of actual value.) The portfolio has $2.1 billion in debt, with top three lenders as JPMorgan Chase, Bank of China, and Valley National Bank respectively. Within the portfolio, the bulk, or 82 percent of the 5,245,283 square feet of built space are elevator properties, with D6 properties next occupying 11 percent of the space. The bulk, or 72 percent of the built space, is in Brooklyn, with Manhattan next at 28 percent of the space.

The buyer

The PincusCo database currently indicates that Janusz Sendowski owned at least three commercial properties with 54 residential units in New York City with 105,285 square feet and a city-determined market value of $19.3 million. (Market value is typically about 50% of actual value.) The portfolio has $57 million in debt, with top three lenders as Deutsche Bank, Bankwell Bank, and CUNA Mutual Group respectively. Within the portfolio, the bulk, or 49 percent of the 105,285 square feet of built space are specialty properties, with elevator properties next occupying 42 percent of the space. The bulk, or 51 percent of the built space, is in Manhattan, with Bronx next at 49 percent of the space.

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