Angelo Gordon pays $35M to Longfellow Properties for mixed-use in Morningside Heights

Angelo Gordon through the entity Ag-Premier 2875 Broadway Owner, L.L.C. paid $35 million to Longfellow Properties through the entity 600 W. 112th St. LLC for mixed-use building (K4) at 2871 Broadway in Morningside Heights, Manhattan.
The deal closed on October 28, 2021 and was recorded on November 15, 2021.
The property has 24,400 square feet of built space and 28,982 square feet of additional air rights for a total buildable of 53,355 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,434 and the price per buildable square foot is $655 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 signatory for Longfellow Properties was Barbara Seril. The signatory for Angelo Gordon was Cory Elbaum.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $607,700.

Within a 400-foot radius of 2871 Broadway, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. There was one permit application with a total initial cost of $1.7 million and one permit with a total initial cost of $300,000. The most recent of these two items was the permit on October 8, 2020 for a 153,110-square-foot R-2 building with 129 residential units at 601 West 113th Street

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