Stawski Partners pays $8M to Davean Holdings for 10-unit walkup in UWS

Stawski Partners, a major office landlord, through the entity SDE 14 W 82 LLC paid $8 million to Davean Holdings through the entity 14 West 82 LLC for the 10-unit residential walkup building (C5) at 14 West 82nd Street in Upper West Side, Manhattan. The building is adjacent to the historic Beresford cooperative, which is an individual New York City Landmark facing Central Park.
The deal closed on August 14, 2023 and was recorded on August 25, 2023. The property has 7,348 square feet of built space and 1,222 square feet of additional air rights for a total buildable of 8,580 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,088 and the price per buildable square foot is $932 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 June 28, 2022, for $4.5 million. The signatory for Davean Holdings was Sean Lefkovits. The signatory for Stawski Partners was Stewart J. Stern. The contract date was June 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Stawski Partners had purchased any other properties and sold three properties in two transactions for a total of $226 million over the past 24 months.
The seller Davean Holdings purchased 18 properties in 15 transactions for a total of $113 million and sold seven properties in five transactions for a total of $76.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Lloyd, head officer and Ben Schwadel, agent. The business entity is 14 West 82 Street Llc.

The property

The residential walkup building with 10 residential units in Upper West Side has 7,348 square feet of built space and 1,222 square feet of additional air rights for a total buildable of 8,580 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 102 feet deep with a total lot size of 2,145 square feet. The zoning is R8B which allows for up to 4 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 $3.9 million. The most recent loan totaled $18.6 million and was provided by Fortress Investment Group on July 14, 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 one DOB violation, $11,905 in ECB penalties, and $11,955 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 12 of the 15 commercial properties representing 328,184 square feet of the 343,357 square feet. The largest owner is Sophia Magnone, followed by Rudin Management and then Phyllis Shulevitz.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 343,357 square feet of built space are hotel buildings, with elevator buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Davean Holdings owned at least 17 commercial properties with 137 residential units in New York City with 132,780 square feet and a city-determined market value of $42.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 132,780 square feet of built space are walkup properties, with mixed-use properties next occupying 35 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Manhattan next at 37 percent of the space.

The buyer

The PincusCo database currently indicates that Stawski Partners owned at least six commercial properties with 32 residential units in New York City with 1,112,293 square feet and a city-determined market value of $407.1 million. (Market value is typically about 50% of actual value.) The portfolio has $196.9 million in debt, with top three lenders as Apple Bank for Savings, Helaba, and Landesbank Hessen-Thuringen Girozentrale respectively. Within the portfolio, the bulk, or 98 percent of the 1,112,293 square feet of built space are office properties, with elevator properties next occupying 2 percent of the space. They are all located in Manhattan.

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