facebook
Traded Co logo
Submit

Omnibuild Acquires Mixed-Use Property On 347 West 71st Street From Malasu Cher For $8.1M

Property Image
SOLD
$8,100,000
Nathan Horne
Gregg Haft
May Ling Stella

New York

See Similar Deals
Mixed-use4,806 SF
Sold 05/01/2026
the dealplayerscompscontact
Property Image
SOLD

Omnibuild Acquires Mixed-Use Property On 347 West 71st Street From Malasu Cher For $8.1M

347 West 71st Street

See Similar Deals
Mixed-use4,806 SF
Sold 05/01/2026
Nathan Horne
Gregg Haft
May Ling Stella
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,685
Total Square Footage:4,806 SF
Transaction Type:Sale

This mixed-use property located at 347 West 71st Street in the Upper West Side has been sold for $8,100,000. The asset encompasses a total area of 4,806 square feet, translating to a price per square foot of $1,685.

Summary of transaction details:

Nathan Horne, Gregg Haft, and May Ling Stella facilitated this transaction, representing the interests of the buyer and seller. The transaction involved a unique approach to navigating challenges related to the historic district's regulations, indicating the brokers' proactive engagement with the LPC and their collaboration with experts for potential solutions.

Players

Nathan Horne
Compass
Nathan Horne
27 deals$211.7M volume(706) 255-5657
BROKER
Gregg Haft
Compass
Gregg Haft
4 deals$29.5M volume(917) 833-5059
BROKER
May Ling Stella
Compass
May Ling Stella
BROKER

Details

SOLD
IMAGE: Nathan Horne, Gregg Haft & May Ling Stella DATE: 5/1/2026 ADDRESS: 347 West 71st Street MARKET: Upper West Side ASSET TYPE: Mixed-use BUYER: Omnibuild SELLER: Malasu Cher BROKERS: Nathan Horne (@Horne.Team), Gregg Haft (@HaftGregg) & May Ling Stella (@MayLingStella) - Compass (@Compass) SALE PRICE: $8,100,000 SF: 4,806 ~ PPSF: $1,685 NOTE FROM BROKER: Congrats to both parties on this fascinating lot/gut reno transaction in a historic district. Methodology: 1. Identify the Problem (big/obvious one here) -- this lot technically has around 15k BSF but since it's in a historic district it often would not be possible to build anything. 2. Create Potential Solutions -- a. We started by working with the brilliant Charles Alwakeel (@redfluxarchitecture) who created a line-of-sight argument based on there being a building on the vacant lot previously i.e. it would make contextual and historical sense to allow a replacement property to go up; b. We met with the LPC multiple times and they tentatively agreed that it made sense, and potentially could go higher on the back part of the property as long as it was not viewable from the street; c. We reached out to architects/developers/contractors in the area, particularly ones who had experience with historic tax credits or permitting in historic districts. 3. Implementation -- We received numerous pre-market offers in the $8M range and, more importantly, one of the contractors who had a lot of prior historic district experience was willing to move forward without any contingencies based upon the preliminary LPC feedback. Since then, we also have the neighboring building closing next week and a new value-add listing coming up directly across the street. To discuss historic district development, LPC, or new opportunities, please reach out to horne.team@compass / 706-255-5657.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$432,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$28,777.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$38,398.13
Annual Debt Service$460,777.59