Bizzi & Partners pays $6M to expand dev footprint in Washington Heights

Bizzi & Partners Development through the entity Bennett Property Owner LLC paid $6 million to Fort Tryon Jewish Center for specialty building at 524 Ft Washington Avenue in Washington Heights, Manhattan. This parcel is abuts another parcel at 35 Overlook Terrace which Bizzi purchased for $6 million.
The deal closed on January 28, 2022 and was recorded on February 18, 2022.
The property has 24,839 square feet of built space and 5,778 square feet of additional air rights for a total buildable of 30,581 square feet according to PincusCo analysis of city data. The sale price per built square foot is $241 and the price per buildable square foot is $196 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 Fort Tryon Jewish Center was Jessie Pressman.

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 was one pre-foreclosure suit filed among other specialty 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 524 Ft Washington Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were sales above $5 million totaling $34.9 million. The most recent of the three was Bizzi & Partners Development which bought the industrial (G7) on 35 Overlook Terrace and two other properties for $6 million from Amalgamated Bank on February 10, 2022.
Of those six items, three were loans above $5 million totaling $25.1 million. The most recent of the three was Samson Management which borrowed $8.8 million from New York Community Bank secured by the 50,770-square-foot, 50-unit rental (D7) on 499 Ft Washington Avenue on April 21, 2021.

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