Prewar West Side Rental Fetches $150M by Paul Bubny | New York

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Prewar West Side Rental Fetches $150M by Paul Bubny | New York

January 8, 2012 http://www.globest.com/news/12_514/newyork/multifamily/Prewar-West-Side-Rental-Fetches- 150M-328580.html Prewar West Side Rental Fetches $150M By Paul Bubny | New York The Beaux Arts apartment tower has been in the same family for three generations. NEW YORK CITY-In the works since this past summer, the sale of the Chatsworth apartment tower on Manhattan’s Upper West Side closed just before year’s end, says Eastern Consolidated, which arranged the $150-million sale. The buyers were HFZ Capital Group and a partner, BSG Real Estate Ltd. Prior to the 12-story, 139-unit prewar rental hitting the market last year, it had been owned by the same family for three generations. The Wall Street Journal reported that about half the apartments are rent-stabilized and the century-old Beaux Arts gem at 344 W. 72nd St. will need extensive renovations to command the kinds of rents seen in the neighborhood’s top-tier properties. HFZ founder Ziel Feldman plans just such an overhaul, according to a release from Eastern Consolidated, although the WSJ quoted Feldman as saying that for now it will remain a rental. A 2010 renovation restored the 4,000-square-foot lobby to its original circa-1902 splendor. Eastern Consolidated senior director Lipa Lieberman, executive managing director David Schechtman, senior director Azita Aghravi and director financial services Gary Meese represented the seller, Chatsworth Realty Corp., which had owned the Chatsworth for about 70 years. “We are excited with the end-of-year sale of this historic, iconic residence, certainly classed in the same league as the Dakota, the Apthorp and the Belnord,” Lieberman says in the release. The threat of a plunge over the fiscal cliff was among the factors pushing buyers and sellers to close on deals such as the Chatsworth before year-end, Barbara Byrne Denham, Eastern Consolidated’s chief economist, says in a fourth-quarter report. “The jump in sales was not a surprise given the expected increase in capital gains taxes that go into effect this year,” she wrote. “While the terms of the recent deal reached in Congress to evade the ‘fiscal cliff’ were still unknown through the last day of 2012, many investors were eager to close deals fearing that higher capital gains tax rates were imminent.” On the legal side, Harold Levine, David H. Cohen, Michelle Greenberg and Thomas Huszar of Moritt Hock & Hamroff LLP represented the seller, while Andrew W. Albstein, Steve Uffner and Robert LoSchiavo of Weprin Finkel Goldstein LLP acted on behalf of the buyer .

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THE NEW YORK CITY LANDMARKS PRESERVATION COMMISSION 1 CENTRE STREET 9TH FLOOR NORTH NEW YORK NY 10007 TEL: 212 669-7700 FAX: 212 669-7780 PERMIT CERTIFICATE OF APPROPRIATENESS ISSUE DATE: EXPIRATION DATE: DOCKET #: COFA #: 08/11/2006 07/25/2012 07-0721 COFA 07-1233 ADDRESS BOROUGH: BLOCK/LOT: 225 WEST 86TH STREET INTERIOR LANDMARK BELNORD APARTMENTS MANHATTAN 1234/19 Display This Permit While Work Is In Progress ISSUED TO: Neil Ibroci, President Extell Development Company 800 Third Avenue, 4th floor New York, NY 10022 Pursuant to Section 25-307 of the Administrative Code of the City of New York, the Landmarks Preservation Commission, at the Public Meeting of July 25, 2006, following the Public Hearing of the same date, voted to grant a Certificate of Appropriateness for the proposed work at the subject premises, as put forward in your application completed on June 29, 2006, and as you were informed in Status Update Letter 07-0620 (LPC 05-6209), issued on July 26, 2006. The proposed work, as approved, consists of replacing existing gates at the West 86th Street courtyard entrances with new decorative metal entrance gates; removing the existing temporary security booth at the eastern courtyard entrance; and installing a new metal and glass entrance booth on the sidewalk, near the eastern courtyard entrance. The work was shown on eleven presentation boards, labeled LPC-1 through LPC-11, dated July 13, 2006; prepared by Page Ayres Cowley Architects, LLC; and consisting of drawings, photographs, photo montages, and finish samples and photographs, all presented at the Public Hearing and Public Meeting.
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