Cammeby’s International Group sells multifamily portfolio to Elysee Investment for $92.3M

Cammeby’s International Group sold a portfolio of ten multifamily buildings, totaling $92.3 million in Washington Heights to Elysee Investment Corp., public records show.
According to PincusCo Media data, Cammeby’s is among the top five residential landlords in the city, with more than 1,200 building and 16,400 units with a total of 15.8 million square feet. Other landlords with more than 10,000 units include Related Companies, L+M Development Partners, A&E Real Estate Management and Blackstone Group.
Prior to this acquisition, PincusCo found Elysee Investments’ holdings to be at least 87 properties with 868,025 square feet that includes 458 units. Many buildings are mixed-use and retail.
The sale included the 86-unit residential elevator building at 90 Laurel Hill Terrace for $20.5 million, the 61-unit residential elevator building at 475 West 186th Street for $18.2 million and the 66-unit residential elevator building at 480 West 187th Street for $15.3 million.
The remaining seven properties where each sold for less than $10 million. In total, the portfolio included 419 units.
The deals closed on March 4, 2022 and were recorded on March 22, 2022. Crain’s New York first reported the sale.
Lazer Sternhell and Peter Vanderpool of Cignature Realty represented both the buyer and the seller in the transaction.
Eli Schron was the signatory for Cammeby’s International Group through WH 90 Laurel Hill Terrace LLC and similarly named entities. Avraham “Avi” Dishi signed for Elysee Investment through DY 90 Laurel Hill LLC and other entities.
Because multiple properties have been transacted, the following sections will follow the property with the largest value for which it sold, which in this case, is the property on 90 Laurel Hill Terrace.
The property at 90 Laurel Hill Terrace has 94,428 square feet of built space and 19,140 square feet of additional air rights for a total buildable of 113,520 square feet according to PincusCo analysis of city data. The sale price per built square foot is $217 and the price per buildable square foot is $180 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.)
Prior sales and revenue
The former owners according to the Department of Housing Preservation and Development includes Jay Rosenfeld, head officer and Mike Okun, site manager. The business entity is Wh 90 Laurel Hill Terrace Llc. The 94,428-square-foot property generated revenue of $1.7 million or $17 per square foot, according to the most recent income and expense figures.
The property
The 90 Laurel Hill Terrace parcel has frontage of 179 feet and is 191 feet deep with a total lot size of 33,000 square feet. The lot is irregular. 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 $5.6 million.The most recent loan totaled $10 million and was provided by Capital One on June 10, 2020.
Violations and lawsuits
The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $50 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 neighborhood
In Washington Heights, the bulk, or 49 percent of the 78 million square feet of commercial 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.
The block
On this tax block, PincusCo has identified the owners of nine of the 20 commercial properties representing 503,948 square feet of the 1,206,715 square feet. The largest owner is Cammeby’s International Group, followed by Abro Management and then Bronstein Properties. There are no active new building construction projects on this tax block.
the majority, or 52 percent of the 1.2 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 32 percent of the space.
Surrounding
Within a 400-foot radius of 90 Laurel Hill Terrace, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $21.6 million. The most recent of the three was Richard Scharf which borrowed $5.2 million from JPMorgan Chase secured by the 61,150-square-foot, 62-unit rental (D7) on 2553 Amsterdam Avenue on March 5, 2021.
UPDATED: With broker information.
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