ABCNY pays $5.9M for 36-unit rental in Washington Heights through foreclosure

ABCNY through the entity 140ny LLC paid $5.9 million through a foreclosure sale purchased the 36-unit residential elevator building (D7) at 140 Wadsworth Avenue in Washington Heights, Manhattan. The expected use is cash flowing. The former owner was Aaron Drazin . The former lender brought a foreclosure case, 850052/2023, which led to the auction.
The deal closed on May 15, 2025 and was recorded on May 22, 2025. The property has 39,578 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $149 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The former owner bought the property on April 23, 2015, for $9 million. The signatory for the court was referee Thomas R. Kleinberger. The contract date was April 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer ABCNY had purchased any other properties and has no record it sold any properties over the past 24 months.
Aaron Drazin had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential elevator building with 36 residential units in Washington Heights has 39,578 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 119 feet and is 90 feet deep with a total lot size of 10,300 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.5 million. The property has 25 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations, $1,250 in ECB penalties, and $2,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 9, 2021. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the nine commercial properties representing 283,934 square feet of the 328,969 square feet. The largest owner is Peter Ripka, followed by Ashkenazy Acquisition and then Alma Realty.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 328,969 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Abcny owned at least four commercial properties with 28 residential units in New York City with 22,156 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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