An offering plan to convert this handsome, 19-story rental apartment building at 230 Riverside Drive at 95th Street to condominiums was submitted to the New York State Attorney General's Office December 30, 2004.

The plan was submitted by BCRE 230 Riverside LLC, of which Moshe Dan Azogui is a principal. Mr. Azogui is executive vice president of the United States office for Brack Capital Real Estate.

The purchase price to tenants of the offering plan submitted to the New York State Attorney General s Office was $171,688,028 and the purchase price for non-tenants was $181,506,240.

The building has 268 apartments and had an existing mortgage of about $64 million held by Barclays Capital Real Estate Inc. The sponsor acquired title to the property October 29, 2004.

The offering plan indicated that the sponsor's "approximate cost of capital expenditures undertaken or to be undertaken, the costs associated with acquisition and ownership of the property, including financing costs and the aggregate amount for costs incurred in connection with the conversion such as sales commissions, attorneys' and engineers' files, printing, advertising, government filing fees and transfer taxes" was estimated to aggregate approximately $147,321,740.

Assuming all units sold at the purchase price offered to tenants, the offering plan indicated that the sponsor estimated its profit would be about $34,184,500.

The building was erected in 1903 and is 198 feet high. It is across 95th Street from a park that extends to 96th Street, a major cross-town street and entrance to the Henry Hudson Parkway.

The building has chamfered corners with delicate quoins and its south corner is highlighted by masonry piers. The rooftop watertank enclosure has gargoyles and there are handsome terracotta arched framing of windows on some of the upper floors.

It has a doorman, no sidewalk landscaping and an entrance on the side-street.

There are 12 apartments a floor and the building permits protruding air-conditioners. The masonry building has terracotta band courses at the 2nd, 3rd and 17th floors and some terraces.

H. Thomas O'Hara was the architect for the conversion.

A 984-sq.ft., 4.5-room apartment on the 19th floor with a 220-sq.ft. terrace had an initial price of $1,043,603.50 for a tenant and $1,098,530 for a non-tenant.

Brack Capital Real Estate is also a sponsor in the condo conversion of the Olcott Hotel at 27 West 72nd Street and its portfolio also includes 90 West Street, the great Cass Gilbert skyscraper that was damaged in the terrorist attacks of September 11, 2001, 150 East 85th Street, Chartwell House and the Element at 225 East 60th Street.