SL Property Group pays $7.8M to MNM Properties for 20-unit UWS walkup

SL Property Group through the entity 430 Ams Owner LLC paid $7.8 million to MNM Properties through the entity 430 Amsterdam Partners LLC for the 20-unit residential walkup building (C7) at 430 Amsterdam Avenue in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on April 30, 2026 and was recorded on May 5, 2026. The property has 13,945 square feet of built space and 7,859 square feet of additional air rights for a total buildable of 21,808 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $561 and the price per buildable square foot is $358 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 July 30, 2004, for $4 million. The signatory for MNM Properties was Mitchell Banchik and Theodore Lanzi. The signatory for SL Property Group was Sean Lefkovits . The contract date was January 14, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer SL Property Group purchased two properties in two transactions for a total of $10.9 million and sold three properties in three transactions for a total of $21.8 million over the past 24 months.
The seller MNM Properties 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 Mitchell Banchik, head officer and Theodore Lanzi, officer. The business entities are MNM Properties and 430 Amsterdam Partners Llc. The 13,945-square-foot property generated revenue of $803,063 or $58 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 20 residential units in Upper West Side has 13,945 square feet of built space and 7,859 square feet of additional air rights for a total buildable of 21,808 square feet according to a PincusCo analysis of city data. The parcel has frontage of 29 feet and is 100 feet deep with a total lot size of 2,900 square feet. The zoning is C2-7A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $4.4 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 not received any significant violations 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 18 of the 21 commercial properties representing 556,404 square feet of the 642,527 square feet. The largest owner is Zucker Organization, followed by Massood Cohen and then Pine Management.
On the tax block, there was one new building construction project filed totaling 95,137 square feet. It is a 28-unit, 95,137 square-foot residential (R-2) building submitted by Alchemy Properties and filed by Kenneth Horn with plans filed April 12, 2016 and permitted May 22, 2017.

The majority, or 73 percent of the 642,527 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that SL Property Group owned at least two commercial properties with 10 residential units in New York City with 17,413 square feet and a PincusCo-determined asset value of $11.1 million. Within the portfolio, the bulk, or 52 percent of the 17,413 square feet of built space are office properties, with walkup properties next occupying 47 percent of the space.

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