Aulder Capital pays $15.5M for 23-unit, UWS residential elevator building

Aulder Capital through the entity 2647 Broadway Apts LLC paid $15.5 million to Stuart Eisenberger through the entity 2647 Realty LLC for the midblock 23-unit residential elevator building at 2647-2649 Broadway in Upper West Side, Manhattan.
The deal closed on February 28, 2022 and was recorded on March 15, 2022. The property has 32,900 square feet of built space and 12,240 square feet of additional air rights for a total buildable of 45,120 square feet according to PincusCo analysis of city data. The sale price per built square foot is $471 and the price per buildable square foot is $343 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 Stuart Eisenberger was Stuart Eisenberger. The signatory for Aulder Capital was John Reid. John Reid is the vice president of Aulder Capital.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Aulder Capital purchased one property in one transactions for a total of $21.7 million and has no record it sold any properties over the past 24 months.
The seller Stuart Eisenberger 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 Stuart Berger, head officer and Stella Berger, officer. The business entity is 2647 Realty Llc. The 32,900-square-foot property generated revenue of $1.2 million or $38 per square foot, according to the most recent income and expense figures.

The property

The 2647-2649 Broadway parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 square feet. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.4 million. The property has a city-determined energy rating of 99 out of 100.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received eight housing violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 7, 2016. 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 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 six of the 16 commercial properties representing 459,349 square feet of the 716,629 square feet. The largest owner is Argo Real Estate, followed by New York City Housing Authority and then Joseph Gorodischer. There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 769,503 square feet of built space are residential elevator buildings, with industrial buildings next occupying 6 percent of the space.

Surrounding

Within a 400-foot radius of 2647-2649 Broadway, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on June 2, 2020 for the $1.2 million renovation of 10,270-square-foot M building with N/A residential units at 2626 Broadway.
Of those eight items, two were sales above $5 million totaling $51.5 million. The most recent of the two was Black Spruce Management which bought the 95,400-square-foot, 89-unit rental (D6) on 2660 Broadway for $36 million from Sofia Einy on December 17, 2021.
Of those eight items, five were loans above $5 million totaling $71.7 million. The most recent of the five was Namdar Realty Group which borrowed $7.6 million from 2651 Broadway Partners LLC secured by the 36,730-square-foot, four-unit hotel (H3) on 2651 Broadway on January 18, 2022.

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