Chatam Management pays $6.5M for 3 walkups in Washington Heights

Chatam Management through the entity Loganville Equities LLC paid $6.5 million to Kenneth Moslin through the entity 1352 Associates LLC for three walkup buildings including the 13-unit residential walkup building (C7) at 1344 St. Nicholas Avenue in Washington Heights, Manhattan, 13-unit residential walkup building (C7) at 1352 St. Nicholas Avenue in Washington Heights, Manhattan, and 12-unit residential walkup building (C7) at 1348 St. Nicholas Avenue in Washington Heights, Manhattan.
The deal closed on March 23, 2023 and was recorded on March 29, 2023. The three properties have 44,217 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $147 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 Chatam Management was Anita Gupta.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1352 St. Nicholas Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chatam Management had purchased any other properties and sold one property in one transaction for a total of $2.5 million over the past 24 months.
The seller Kenneth Moslin 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 Michael Moslin, head officer and J.M.C. Revocabl Trust, shareholder. The business entity is 1352 Associates Llc. The three properties with a total of 44,217 square feet of built space generated revenue of $833,234 per year or $19 per square foot. The sale price per square foot was $147.

The property

The 1352 St. Nicholas Avenue parcel has frontage of 39 feet and is 100 feet deep with a total lot size of 3,900 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 properties since September of 2020. In addition, according to city public data, the properties have received 13 housing violations and $1,375 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 the tax block of 1352 St. Nicholas Avenue, PincusCo has identified the owners of 17 of the 27 commercial properties representing 478,372 square feet of the 787,460 square feet. The largest owner is Zhi Lin, followed by Stellar Management and then SDG Management.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 787,460 square feet of built space are walkup buildings, with elevator buildings next occupying 40 percent of the space.

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