Alma Realty pays $10.6M to Sentinel Real Estate for 50-unit rental in Inwood
Alma Realty through the entity Getty Industries LLC paid $10.6 million to Sentinel Real Estate through the entity 5008 Broadway LLC for the 50-unit residential elevator building (D7) at 5008 Broadway in Inwood, Manhattan.
The deal closed on April 27, 2023 and was recorded on May 1, 2023. The property has 48,576 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $218 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 21, 2015, for $15.7 million. The signatory for Sentinel Real Estate was Brian Ritter. The signatory for Alma Realty was Efstathios G. Valiotis. Brian Ritter is a managing director at Sentinel. The company bought the property for $15.7 million in 2015. Sentinel sold a property in NoHo.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Alma Realty purchased four properties in four transactions for a total of $15.1 million and has no record it sold any properties over the past 24 months.
The seller Sentinel Real Estate had not purchased any other properties and sold one properties in one transactions for a total of $7.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Brian Ritter, head officer and Roderick Mcclain, site manager. The business entities are Rose Property Mgmt Grp Llc and 5008 Broadway Llc. The 48,576-square-foot property generated revenue of $1.1 million or $23 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 50 residential units in Inwood has 48,576 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 118 feet and is 70 feet deep with a total lot size of 10,175 square feet. The lot is irregular. 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 $4.7 million.
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, 13 housing violations, and $100 in OATH penalties in the last year.
Development
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 three of the eight commercial properties representing 69,565 square feet of the 210,277 square feet. The largest owner is Prana Investments, followed by Gottesman Family and then Bronstein Properties.
There are no active new building construction projects on this tax block.
The majority, or 77 percent of the 210,277 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.
The seller
The PincusCo database currently indicates that Sentinel Real Estate owned at least nine commercial properties with 577 residential units in New York City with 547,619 square feet. The portfolio has $31.7 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 96 percent of the 547,619 square feet of built space are elevator properties, with walkup properties next occupying 4 percent of the space. The bulk, or 65 percent of the built space, is in Brooklyn, with Manhattan next at 35 percent of the space.
The buyer
The PincusCo database currently indicates that Alma Realty owned at least 119 commercial properties with 5,894 residential units in New York City with 5,309,689 square feet. The portfolio has $472.2 million in debt, with top three lenders as New York Community Bank, Efstathios Valiotis, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 69 percent of the 5,309,689 square feet of built space are elevator properties, with walkup properties next occupying 25 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Queens next at 30 percent of the space.
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