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Carter's View

The handsome, 19-story apartment building at 230 Riverside Drive at 95th Street is being converted to condominiums by BCRE 230 Riverside LLC, of which Moshe Dan Azogui is a principal. Mr. Azogui is executive vice president of head 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 in December 30, 2004, was $171,688,028 and the purchase price for non-tenants was $181,506-240.

The building has 268 apartments and an existing mortgage of about $64 million held by Barclays Capital Real Estate Inc., that matures November 8, 2007. 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" were estimated to aggregate approximately $147,321,740.

The sponsor expects to sell units at full market price. Assuming all units sold at purchase price offered to tenants, the offering plan indicated that the sponsor estimates its profit would be about $34,184,500.

The building was erected in 1903 and is 198 feet high. It is across from 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 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 is the architect for the conversion.

A 984-sq.ft., 4.5-room apartment on the 19th floor with a 220-sq.ft. terrace has a 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 a new residential construction project known as Element at 225 East 60th Street.
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Additional Info About the Building

Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.