Condo conversion planned for four Upper West Side walk-ups

TRD New York /
Mar.March 07, 2008 03:33 PM

A foreign buyer has purchased four walk-up apartment buildings at 176-182 West 82nd Street for $19 million and plans to convert the apartments to family-sized condos, which the developer says are in short supply on the Upper West Side. 

The five-story buildings, located between Columbus and Amsterdam avenues, have a combined 30,000 square feet. They went on the market last spring for an asking price of $16.5 million. At least six prospective buyers saw the properties before a deal was struck, said Shay Zach, associate broker and managing partner at Itzhaki Properties.

Zach represented the seller, WexTrust Capital LLC, a private equity firm that had purchased the buildings for $12.28 million in February of last year and also planned a condo conversion. Another managing partner at Itzhaki, Barry Farchi, represented the buyer, listed only as Navistone Amsterdam LLC on the deed.

The buyer plans to knock down walls in the buildings to combine smaller residential units into three- or four-bedroom units.

“If you look at the market [on the Upper West Side], most units are one- or two-bedrooms, not many are three- or four-bedrooms,” Zach said. “But I think the demand for bigger units exists.”

The buyer intends to combine units to create apartments that range from 1,500 to 2,000 square feet.

The Romanesque Revival-style buildings are part of the Upper West Side/Central Park West Historic District. They were designed by Gilbert A. Schellenger and built in 1892-1893.

Zach said that the buyer was confident he would receive permission from the Landmark Preservation Commission to alter the buildings.

“The LPC really cares about the preservation of the facade,” he said, adding that the buyer is “probably going to restore the facade to its original position.”

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Cristiano Moura (Credit: Christie’s Real Estate and iStock)

Viral Instagram post leads to arrest, assault charge for former Christie’s agent

Amazon CEO Jeff Bezos and Hudson Yards (Credit: Getty Images and Wikipedia)

Amazon takes big new office space near Hudson Yards

A&E Real Estate Holdings principal Douglas Eisenberg and the properties (Credit: The Rego Park 18 Portfolio)

Deutsche Bank provided A&E $97M in financing for big Rego Park buy

Billy Macklowe and Key Food at 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe looking to break into Brooklyn

From left: Daniel Shirazi, and Robert Khodadadian, with 530 West 25th Street

Feil Organization buys Chelsea office building for $72M