Abro Management pays $3.7M to Prana Investments for retail in Inwood

Abro Management through the entity 210-220 Nagle Ave. LLC paid $3.7 million to Prana Investments through the entity 210-220 Nagle LLC for retail building (K1) at 210-220 Nagle Avenue in Inwood, Manhattan.
The deal closed on October 3, 2022 and was recorded on October 5, 2022. The property has 5,000 square feet of built space and 15,000 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $740 and the price per buildable square foot is $185 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 seller bought the property on July 20, 2005, for $1.9 million. The signatory for Prana Investments was Richard Herman. The signatory for Abro Management was Richard Scharf.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Abro Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Prana Investments purchased nine properties in eight transactions for a total of $53 million and sold one property in one transaction for a total of $11.5 million over the same time period. The 5,000-square-foot property generated revenue of $232,009 or $46 per square foot, according to the most recent income and expense figures.

The property

The 210-220 Nagle Avenue parcel has frontage of 100 feet and is 50 feet deep with a total lot size of 5,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Inwood, the bulk, or 44 percent of the 14.9 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 33 percent of the space. In sales, Inwood has near average sales volume among other neighborhoods with $369.9 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Inwood has 1.8 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 13 commercial properties representing 496,516 square feet of the 543,980 square feet. The largest owner is Min Wu, followed by Stellar Management and then Lemle & Wolfe.
There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 543,980 square feet of built space are walkup buildings, with retail buildings next occupying 1 percent of the space.

The seller

The PincusCo database currently indicates that Prana Investments owned at least 99 commercial properties in New York City with 3,280,418 square feet and a city-determined market value of $224 million. (Market value is typically about 50% of actual value.) The portfolio has $134.6 million in debt, with top three lenders as Signature Bank, Connectone Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 60 percent of the 3,280,418 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. The bulk, or 77 percent of the built space, is in Bronx, with Manhattan next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that Abro Management owned at least 50 commercial properties in New York City with 2,697,066 square feet and a city-determined market value of $320.2 million. (Market value is typically about 50% of actual value.) The portfolio has $122.5 million in debt, borrowed from New York Community Bank and Morgan Stanley. Within the portfolio, the bulk, or 90 percent of the 2,697,066 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 63 percent of the built space, is in Manhattan, with Queens next at 20 percent of the space.

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