Zabar, Friedland sign contract for air rights for UWS dev site

The Zabar family and Friedland Properties through the entity 2231 Air LLC signed a contract with the First Baptist Church in the City of New York for air rights for its development site (M1) at 2231 Broadway in Upper West Side, Manhattan.
The deal closed on September 9, 2021 and was recorded on December 15, 2021.

The signatory for First Baptist Church in the City of New York was Max Bermudez. The signatory for Zabar family and Friedland Properties was William Friedland.

Friedland Properties and the Zabar family look to redevelop 2231 Broadway, and have signed an option to buy air rights from the adjacent church at 2221 Broadway. Friedland in a joint venture with Rose Associates developed a 72-unit rental building across Broadway at 222 West 86th Street on a similar parcel, in 2016. The Zabar family and Friedlands bought 2231 Broadway in 1986 as 50-50 tenants-in-common, for $583,000. The church signed an option with Friedland Properties to sell air rights. The initial closing date is tied to the first option date of September 9, 2025, which Friedland can extend to September 9, 2029. The property is also known as 265 West 79th Street.

Within a 400-foot radius of 2221 Broadway, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on October 18, 2021 for the $400,000 renovation of 125,051-square-foot R-2 building with 110 residential units at 393 West End Avenue.
One of those five items was a sale which Hildreth Real Estate Advisors bought the 5,545-square-foot, six-unit mixed-use building (S5) on 226 West 79th Street for $5.1 million from John D. LaGreco on December 1, 2021.
Of those five items, three were loans above $5 million totaling $89.6 million. The most recent of the three was Weinreb Management which borrowed $15.2 million from Capital One secured by the 85,942-square-foot, 38-unit rental (D3) on 420 West End Avenue on May 26, 2020.

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