Basya Weiss pays $15.5M for for two rentals in Washington Heights

A Basya Weiss affiliate paid $15.5 million for for two rentals in Washington Heights in two separate transactions. The seller bought the two properties on September 18, 2017, for $11.6 million.

In the first, a Basya Weiss affiliate through the entity 82-84 Wadsworth Ave Holding Company LLC paid $8.6 million to Shimon Kohn through the entity 82-84 Wadsworth Avenue Ny LLC for 25-unit residential walkup building (C1) at 84 Wadsworth Avenue in Washington Heights, Manhattan.
The deal closed on December 22, 2022 and was recorded on January 10, 2023. The property has 23,710 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $362 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 Shimon Kohn was Shimon Kohn. The signatory for Basya Weiss was Basya Weiss. Livingston Property Group LLC, created in July 2022, is the sole member of the seller entity. However, the seller entity was created in July 2017. The building was previously affiliated with Alchemy Ventures.

In the second, a Basya Weiss affiliate through the entity 82-84 Wadsworth Ave Holding Company LLC paid $6.9 million to Shimon Kohn through the entity 82-84 Wadsworth Avenue Ny LLC for 21-unit residential walkup building (C1) at 82 Wadsworth Avenue in Washington Heights, Manhattan. The deal closed on December 22, 2022 and was recorded on January 10, 2023.The property has 14,665 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $470 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 Shimon Kohn was Shimon Kohn. The signatory for Basya Weiss was Basya Weiss. Livingston Property Group LLC, created in July 2022, is the sole member of the seller entity. However, the seller entity was created in July 2017. The building was previously affiliated with Alchemy Ventures.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Basya Weiss had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shimon Kohn had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Alex Horn, head officer and Alex Pattashnick, officer. The business entity is 82-84 Wadsworth Avenue Ny Llc. The 23,710-square-foot property generated revenue of $435,879 or $18 per square foot, according to the most recent income and expense figures.

The property

The 84 Wadsworth Avenue parcel has frontage of 58 feet and is 100 feet deep with a total lot size of 5,800 square feet. 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 $1.1 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 received 25 housing violations and $1,400 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 210,692 square feet of the 363,514 square feet. The largest owner is Bronstein Properties, followed by Ashkenazy Acquisition and then Alma Realty.
There are no active new building construction projects on this tax block.

The majority, or 31 percent of the 363,514 square feet of built space are industrial buildings, with walkup buildings next occupying 29 percent of the space.

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