Bizzi & Partners pays $6M to Amalgamated Bank for dev site in Washington Heights

Bizzi & Partners Development through the entity Bennett Property Owner LLC paid $6 million to Amalgamated Bank through the entity Fort Tryon Overlook Property Owner, LLC for industrial building at 35 Overlook Terrace in Washington Heights, Manhattan, development building at 524 Ft Washington Avenue in Washington Heights, Manhattan, and development building at N/A West 184th Street in Washington Heights, Manhattan.
The deal closed on January 28, 2022 and was recorded on February 10, 2022.
The three properties have 0 square feet of built space and 127,558 square feet of additional air rights for a total buildable of 127,558 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $47 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 Amalgamated Bank was Arthur-Peter Montauredes.
Prior to this transaction, the buyer Bizzi & Partners Development had not purchased any other properties.
The seller Amalgamated Bank, a former lender on the parcels, took control of the three properties in one transaction with a total value of $16.9 million in February 2020.

In Washington Heights, the bulk, or 49 percent of the 78 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Washington Heights has 1.3 times the average sales volume among other neighborhoods with $366.7 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Washington Heights has near average amount of major developments among other neighborhoods and is the 19th highest in Manhattan. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.
On the tax block, the majority, or 85 percent of the 5.4 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 7 percent of the space.
Within a 400-foot radius of 35 Overlook Terrace, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Howard Hershkovich bought the 14,040-square-foot, two-unit industrial (W3) on 554 Ft Washington Avenue for $12 million from Birch Family Services on November 6, 2020.
One of those two items was a loan which Howard Hershkovich borrowed $7 million from Investors Bank secured by the 14,040-square-foot, two-unit industrial (W3) on 554 Ft Washington Avenue on November 6, 2020.

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