Tauber Properties pays $4.8M for 10-unit UWS walkup

Tauber Properties through the entity 246 W 21st, LLC paid $4.8 million to Novel Property Ventures through the entity 206 West 80th Street LLC for the 10-unit residential walkup building (C7) at 206 West 80th Street in Upper West Side, Manhattan. The expected use is cash flowing.
The deal closed on January 29, 2025 and was recorded on January 31, 2025. The property has 9,660 square feet of built space and 561 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $496 and the price per buildable square foot is $469 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 April 13, 2016, for $6.7 million. The signatory for Novel Property Ventures was Anthony J. Cornicello. The signatory for Tauber Properties was Michael Tauber.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tauber Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Novel Property Ventures 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 Gregory Bucks, head officer and Igli Jaupi, agent. The business entities are Canvas Property Group and 206 West 80th Street Llc. The 9,660-square-foot property generated revenue of $437,110 or $45 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 10 residential units in Upper West Side has 9,660 square feet of built space and 561 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 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 received two housing violations and $1,950 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 16 of the 26 commercial properties representing 262,577 square feet of the 566,434 square feet. The largest owner is Friedland Properties, followed by Peak Capital Advisors and then William Harra.
On the tax block, there was one new building construction project filed totaling 122,323 square feet. It is a 72-unit, 122,323 square-foot residential (R-2) building submitted by William Friedland with plans filed August 5, 2014 and permitted April 13, 2016.

The majority, or 38 percent of the 566,434 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Novel Property Ventures owned at least 22 commercial properties with 392 residential units in New York City with 356,862 square feet and a city-determined market value of $64 million. (Market value is typically about 50% of actual value.) The portfolio has $44.8 million in debt, with top three lenders as Ladder Capital, JPMorgan Chase, and Greystone & Co. respectively. Within the portfolio, the bulk, or 66 percent of the 356,862 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Brooklyn next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that Tauber Properties owned at least one commercial property with 10 residential units in New York City with 5,980 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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