Clairmont Group pays $15.75M to Trion for three walkups in Washington Heights

Clairmont Group paid $15.75 million to Trion Real Estate Management for three walkups in Washington Heights, Manhattan, in three separate transaction.
In the first, Clairmont Group through the entity Cg West 181st Street LLC paid $10.7 million to Trion Real Estate Management through the entity 554-558 W 181st Street LLC for the 24-unit residential walkup building (C7) at 554 West 181st Street and the 13-unit residential walkup building (C7) at 558 West 181st Street in Washington Heights, Manhattan. The expected use is cash flowing.

In a second transaction, Clairmont Group through the entity Cg West 181st Street LLC paid $5.1 million to Trion Real Estate Management through the entity 565 W 181st Street LLC for the 16-unit residential walkup building (C7) at 565 W 181st St in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on November 18, 2024 and was recorded on December 10, 2024. The property has 17,526 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $288 per the PincusCo analysis.

The deals closed on November 18, 2024 and were recorded on December 10, 2024. The first two properties have 58,150 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $183 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 Trion Real Estate Management was Carmelo Milio. The signatory for Clairmont Group was David Lubin. The contract date was June 28, 2024.
Clairmont Group financed the purchase with an $11.65 million loan from W Financial.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Clairmont Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Trion Real Estate Management 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 Carmelo Milio, head officer and Jose Ramirez, site manager. The business entity is 554-558 W 181st Street Llc.

The property

The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $4.1 million. The larger property has 11 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 18 housing violations and $1,000 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 $1 million on this tax lot.

The block

On the tax block of 554 W 181st St, PincusCo has identified the owners of eight of the 18 commercial properties representing 233,330 square feet of the 968,245 square feet. The largest owner is Prana Investments, followed by Filippo Milio and then Susan Carmel.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 968,245 square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Trion Real Estate Management owned at least one commercial property with 41 residential units in New York City with 42,924 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) The portfolio has $13.8 million in debt, borrowed from Starwood Capital Group. The portfolio consists of at least a single elevator property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Clairmont Group owned at least seven commercial properties with 60 residential units in New York City with 59,215 square feet and a city-determined market value of $6.1 million. (Market value is typically about 50% of actual value.) The portfolio has $19.6 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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