ZHL Group pays $10.5M to Friedland, Zabar for likely dev site on UWS

ZHL Group through the entity 214 West 80 LLC paid $10.5 million to Friedland Properties and Zabar family through the entity 214-16 West 80th LLC for the parking garage (G1) at 214 West 80th Street in Upper West Side, Manhattan. The expected use is ground up development, as it was marketed as a potential development site.
The deal closed on February 4, 2025 and was recorded on February 14, 2025. The property has 28,186 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $372 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 Friedland Properties and Zabar Family was William Friedland and Stanley Zabar. The signatory for ZHL Group was Yevgeniy Lvovskiy . The contract date was November 6, 2024. The Friedland family and the Zabar family each owned 50% of the property. Friedland sued Zabar in 2022 seeking a court-ordered sale of the property, 653041/2022.  The case was discontinued February 4, 2025.

The West Side Rag reported the garage was closed for safety reasons in 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ZHL Group purchased one property in one transaction for a total of $27.6 million and has no record it sold any properties over the past 24 months.
The seller Friedland Properties purchased two properties in two transactions for a total of $46.2 million and had not sold any properties over the same time period. The 28,186-square-foot property generated revenue of $621,560 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Upper West Side has 28,186 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 102 feet deep with a total lot size of 4,920 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 $4.3 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

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 3.9 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the 8th highest in Manhattan. For development, Upper West Side has 2.7 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

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 Friedland Properties owned at least 13 commercial properties with 503 residential units in New York City with 663,210 square feet and a city-determined market value of $301.4 million. (Market value is typically about 50% of actual value.) The portfolio has $98.6 million in debt, borrowed from M&T Bank and Cathay Bank. Within the portfolio, the bulk, or 85 percent of the 663,210 square feet of built space are elevator properties, with mixed-use properties next occupying 5 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Zabar Family owned at least one commercial property in New York City with 16,676 square feet and a city-determined market value of $14.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single M1 property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Zhl Group owned at least 10 commercial properties with 108 residential units in New York City with 55,825 square feet and a city-determined market value of $19.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 55,825 square feet of built space are office properties, with industrial properties next occupying 11 percent of the space. The bulk, or 65 percent of the built space, is in Bronx, with Manhattan next at 19 percent of the space.

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