Shore Assets pays $4.7M to Pinetree Group for residential walkup in Upper West Side

Shore Assets through the entity 60 West 91st Street LLC paid $4.7 million to Pinetree Group through the entity Croton Gate, LLC for nine-unit residential walkup building (C5) at 60 West 91st Street in Upper West Side, Manhattan.
The deal closed on October 24, 2022 and was recorded on November 9, 2022. The property has 5,870 square feet of built space and 1,046 square feet of additional air rights for a total buildable of 6,924 square feet according to PincusCo analysis of city data. The sale price per built square foot is $792 and the price per buildable square foot is $671 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 March 22, 2021, for $3.1 million. The signatory for Pinetree Group was Yitzhak Pastreich. The signatory for Shore Assets was Marc S. Shore.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Shore Assets had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pinetree Group purchased one properties in one transactions for a total of $3.1 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Kim Mortimer, head officer. The business entity is 6091st Street Corporation.

The property

The 60 West 91st Street parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,013 square feet. The zoning is R7-2 which allows for up to 3.44 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 $4.8 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 $1,230 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 118,831 square feet of the 167,731 square feet. The largest owner is New York City Housing Authority, followed by Pinetree Group and then Schreiber Properties.
There are no active new building construction projects on this tax block.

All properties are walkup.

The seller

The PincusCo database currently indicates that Pinetree Group owned at least two commercial properties in New York City with 11,394 square feet and a city-determined market value of $9.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 11,394 square feet of built space are walkup properties, with mixed-use properties next occupying 48 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Shore Assets owned at least two commercial properties in New York City with 20,660 square feet and a city-determined market value of $4.2 million. (Market value is typically about 50% of actual value.) The portfolio has $8.7 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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