Chestnut Holdings through the entity 562 W 193 LLC paid $3.4 million to Joseph Podolski through the entity 81 Realty Co for the 46-unit residential walkup building (C1) at 562 West 193rd Street in Washington Heights, Manhattan.
The deal closed on October 18, 2023 and was recorded on October 24, 2023. The property has 35,450 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $96 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 Joseph Podolski was Joseph Podolski. The signatory for Chestnut Holdings was Ben Rieder. The contract date was August 30, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Chestnut Holdings purchased 35 properties in 33 transactions for a total of $195 million and sold one property in one transactions for a total of $4.7 million over the past 24 months.
The seller Joseph Podolski 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 Joseph Podolski, head officer and Warren Levie, officer. The business entity is 81 Realty Company.
The residential walkup building with 46 residential units in Washington Heights has 35,450 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 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 $1.6 million.
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 one DOB violation, five housing violations, $550 in OATH penalties, and one housing litigation in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of 21 of the 30 commercial properties representing 640,776 square feet of the 938,250 square feet. The largest owner is SDG Management, followed by New York City Department Of Housing Preservation And Development and then MP Management.
There are no active new building construction projects on this tax block.
The majority, or 86 percent of the 938,250 square feet of built space are walkup buildings, with elevator buildings next occupying 14 percent of the space.
The PincusCo database currently indicates that Chestnut Holdings owned at least 45 commercial properties with 1,335 residential units in New York City with 1,424,426 square feet and a city-determined market value of $130 million. (Market value is typically about 50% of actual value.) The portfolio has $146.6 million in debt, with top three lenders as JPMorgan Chase, Signature Bank, and Israel Discount Bank respectively. Within the portfolio, the bulk, or 50 percent of the 1,424,426 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space. The bulk, or 73 percent of the built space, is in Bronx, with Manhattan next at 13 percent of the space.
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