Behrooz Hedvat pays $5.6M for 49-unit rental in Washington Heights

Behrooz Hedvat through the entity 100 Partners LLC paid $5.6 million to Kenneth Moslin through the entity 100 Associates LLC for the 49-unit residential elevator building (D1) at 100 Fort Washington Avenue in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on October 1, 2024 and was recorded on October 11, 2024. The property has 65,388 square feet of built space and 13,825 square feet of additional air rights for a total buildable of 79,265 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $85 and the price per buildable square foot is $70 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 Kenneth Moslin was Kenneth Moslin. The signatory for Behrooz Hedvat was Behrooz Hedvat. The contract date was June 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Behrooz Hedvat purchased three properties in three transactions for a total of $45.3 million and has no record it sold any properties over the past 24 months.
The seller Kenneth Moslin had not purchased any other properties and sold seven properties in five transactions for a total of $22.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Moslin, head officer and Janet Cheever, shareholder. The business entity is 100 Associates Llc. The 65,388-square-foot property generated revenue of $638,093 or $10 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 49 residential units in Washington Heights has 65,388 square feet of built space and 13,825 square feet of additional air rights for a total buildable of 79,265 square feet according to a PincusCo analysis of city data. The parcel has frontage of 102 feet and is 121 feet deep with a total lot size of 13,167 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million. The property has 48 rent regulated units according to city tax records from 2022.

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 60 housing violations and $830 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 20 of the 31 commercial properties representing 1,235,656 square feet of the 1,858,036 square feet. The largest owner is Alma Realty, followed by Sdg Management and then Edel Family Management.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 1.9 million square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Behrooz Hedvat owned at least seven commercial properties with 29 residential units in New York City with 137,536 square feet and a city-determined market value of $41.4 million. (Market value is typically about 50% of actual value.) The portfolio has $76.8 million in debt, with top three lenders as Ladder Capital, Signature Bank, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 39 percent of the 137,536 square feet of built space are retail properties, with mixed-use properties next occupying 32 percent of the space. They are all located in Manhattan.

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