Katz family’s MacArthur Holdings pays $4.3M for 8-unit walkup in Upper West Side

The Katz family’s MacArthur Holdings through the entity 471 Westside LLC paid $4.3 million to Rod Hickey and Nancy Hickey through the entity 471 West End Avenue LLC for midblock eight-unit residential walkup building at 471 West End Avenue in Upper West Side, Manhattan.
The deal closed on April 7, 2022 and was recorded on April 19, 2022.The property has 6,605 square feet of built space and 16,632 square feet of additional air rights for a total buildable of 23,230 square feet according to PincusCo analysis of city data. The sale price per built square foot is $651 and the price per buildable square foot is $185 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 Rod Hickey and Nancy Hickey was Meghan Warren. The signatory for MacArthur Holdings was Philip Katz. The buyer is an affiliate of the Howard, Philip and David Katz family.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer MacArthur Holdings had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rod Hickey 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 Rod Hickey, III, head officer and Nancy Hickey, officer. The business entity is 471 West End Ave Llc.

The property

The 471 West End Avenue parcel has frontage of 23 feet and is 100 feet deep with a total lot size of 2,323 square feet. The lot is irregular. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District Extension I. The city-designated market value for the property in 2022 is $3.5 million.

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 $50 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 four of the 20 commercial properties representing 27,942 square feet of the 283,067 square feet. The largest owner is Alan Tauber, followed by The Beis and then MSB Management. There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 1.4 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 6 percent of the space.

The buyer

The PincusCo database currently indicates that MacArthur Holdings owned at least one commercial property with 14,393 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Dime Community Bank. The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

Surrounding

Within a 400-foot radius of 471 West End Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $49.9 million. The most recent of the two was SW1A LLC which bought one condo unit in the  37-unit mixed-use building (RM) on 498 West End Avenue for $12.9 million from Samson Management on March 16, 2022.
Of those four items, two were loans above $5 million totaling $24 million. The most recent of the two was 233 West 83 Owner LLC which borrowed $12 million from Apple Bank for Savings secured by the 61,250-square-foot, 37-unit rental (D6) on 2301 Broadway on December 20, 2019.

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