The seller of a 14,750 s/f Upper West Side development site almost lost out on millions of dollars because the owner previously sold part of the building's air rights.
Felipe Coello, who is part of a Mexican family fund, sold 207 West 75th St. between Amsterdam and Broadway to Howard Neu for $13.3 million, according to Timour Shafran, managing partner of Citicore, who brokered the deal along with colleague Benjamin Shafran.
Back in September 2014, Coello sold about 11,000 s/f of air rights for $825,000 to a neighboring residential condo, Majestic Towers at 215 West 75th St., according to Shafran. "By doing this in advance he basically negated the ability to build as-of-right on his building," he said. "Thankfully the city's Department of Buildings grandfathered the property in."
Shafran explained that without the air rights, the property is worth only $4 or $5 million. "People should be very careful of what they do with their air rights," Shafran said.
The existing building is 5,000 s/f and there is a 2,500 s/f basement. Beach Bum Tanning is on the ground floor, operating on a month-to-month basis. The second floor, which once was home to the seller's office, is vacant.
Coello bought the property for about $5 million in April of 2011, according to property records. Tags: