Yonit Tzadok-Nordenberg pays $5.8M for 10-unit walkup in Upper West Side

Yonit Tzadok-Nordenberg through the entity 246 West 108th St L.P. paid $5.8 million to David Moore through the entity 246 West 108th, LLC for the midblock 10-unit residential walkup building at 246 West 108th Street in Upper West Side, Manhattan.
The deal closed on May 23, 2022 and was recorded on June 14, 2022. The property has 9,485 square feet of built space and 605 square feet of additional air rights for a total buildable of 10,092 square feet according to PincusCo analysis of city data. The sale price per built square foot is $611 and the price per buildable square foot is $574 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 David Moore was David Moore. The signatory for Yonit Tzadok-Nordenberg was Yonit Tzadok-Nordenberg.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Yonit Tzadok-Nordenberg had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Moore had not purchased any other properties and sold two properties in two transactions for a total of $17.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Moore, head officer and Luis Bivieca, officer. The business entity is 246 West 108st Llc.

The property

The 246 West 108th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,523 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 $3.8 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 $4,290 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 neighborhood

In Upper West Side, the majority, or 68 percent of the 95.5 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 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 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.

The block

On this tax block, PincusCo has identified the owners of seven of the 20 commercial properties representing 129,807 square feet of the 347,022 square feet. The largest owner is Charles Nicholas, followed by Goddard Riverside Community Center and then Brooklyn Standard Properties. There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 776,415 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space.

Surrounding

Within a 400-foot radius of 246 West 108th Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.1 million and one permit with a total initial cost of $320,000. The most recent of these two items was the permit on May 16, 2022 for a 13,401-square-foot R-2 building with 17 residential units at 218 West 108th Street.
Of those nine items, three were sales above $5 million totaling $22.8 million. The most recent of the three was Salvatore Vona which bought the 17,635-square-foot, 21-unit rental (C1) on 211 West 108th Street for $5 million from Jerold S. Yale on July 8, 2021.
Of those nine items, four were loans above $5 million totaling $60.5 million. The most recent of the four was TriArch Real Estate Group which borrowed $19 million from Benefit Street Partners secured by the 30,218-square-foot, 87-unit rental (D7) on 2783 Broadway on April 13, 2022.

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