Sheila Hyman pays $17.1M to Estate of Judith Best for 39-unit rental in Upper West Side

Sheila Hyman through the entity Commander 3 LLC paid $17.1 million to Dinah Rader and Estate of Judith Best through the entity River Arms Realty Associates LLC for 39-unit residential elevator building (D3) at 227 Riverside Drive in Upper West Side, Manhattan.
The deal closed on May 12, 2022 and was recorded on July 7, 2022. The property has 48,178 square feet of built space and 23,085 square feet of additional air rights for a total buildable of 71,250 square feet according to PincusCo analysis of city data. The sale price per built square foot is $355 and the price per buildable square foot is $240 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 Dinah Rader and Estate of Judith Best was Dinah Rader. The signatory for Sheila Hyman was Sheila Hyman.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Sheila Hyman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dinah Rader 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 Thomas Campenni, head officer and Dinah Rader, officer. The business entity is River Arms Realty Assoc Llc.

The property

The 227 Riverside Drive parcel has frontage of 76 feet and is 89 feet deep with a total lot size of 7,125 square feet. The lot is irregular. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District. The city-designated market value for the property in 2022 is $6.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations and four housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Upper West Side, the majority, or 71 percent of the 92.7 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 4th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Upper West Side has 2.1 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 15 commercial properties representing 422,088 square feet of the 777,409 square feet. The largest owner is NYC Department of Education, followed by Silvia Reyes and then Larry Tauber. There is one active new building construction project totaling 129,641 square feet. It is a 64-unit, 129,641-square-foot R-2 building developed by Edward Kalikow with plans filed December 22, 2014 and permitted June 23, 2015.

The majority, or 55 percent of the 812,565 square feet of built space are residential elevator buildings, with hotel buildings next occupying 22 percent of the space.

Surrounding

Within a 400-foot radius of 227 Riverside Drive, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $27 million. The most recent of the two was Sharon Olson which borrowed $17 million from Signature Bank secured by the 41,110-square-foot, one-unit hotel (HH) on 315 West 94th Street on April 18, 2022.

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