Coney Realty Group pays $2.6M to Barberry Rose for 25-unit walkup in Inwood, latest of $46.6M in transfers

Coney Realty Group through the entity 121 Sherman Chalet LLC paid $2.6 million to Barberry Rose Management Company through the entity Bsf Inwood Holding LLC for the 25-unit residential walkup building (C1) at 121 Sherman Avenue in Inwood, Manhattan.
This is the most recent in a string of sales in which Coney Realty Group bought 16 properties with a total of 446 residential units for a total of $46.6 million.
The deal closed on September 13, 2023 and was recorded on October 2, 2023. The property has 22,805 square feet of built space and 9,200 square feet of additional air rights for a total buildable of 32,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $114 and the price per buildable square foot is $81 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 seller bought the property as part of a large $63.6 million portfolio purchase on December 14, 2016. The signatory for Barberry Rose Management Company was Lewis M. Barbanel. The signatory for Coney Realty Group was Michael Haas. The contract date was September 13, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Coney Realty Group purchased 15 properties in 15 transactions for a total of $44 million and has no record it sold any properties over the past 24 months.
The seller Barberry Rose Management Company had not purchased any other properties and sold 24 properties in 24 transactions for a total of $98.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Lewis Barbanel, head officer and Robert Silverman, officer. The business entities are Barberry Rose Management Co. Inc. and Bsf Inwood Holding Llc.

The property

The residential walkup building with 25 residential units in Inwood has 22,805 square feet of built space and 9,200 square feet of additional air rights for a total buildable of 32,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 160 feet deep with a total lot size of 8,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. 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 property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, 20 housing violations, and one housing litigation 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 this tax block, PincusCo has identified the owners of 18 of the 20 commercial properties representing 433,673 square feet of the 533,064 square feet. The largest owner is Stanley Geotes, followed by Sol Goldman Investments and then Shaul Kopelowitz.
On the tax block, there was one new building construction project filed totaling 9,724 square feet. It is a 9,724 square-foot mercantile (M) building submitted by Gary Tischler with plans filed September 21, 2012 and permitted June 19, 2013.

The majority, or 63 percent of the 533,064 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Barberry Rose Management Company owned at least 17 commercial properties with 549 residential units in New York City with 561,410 square feet and a city-determined market value of $54.9 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Principal Life Insurance Company. Within the portfolio, the bulk, or 54 percent of the 561,410 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

The buyer

The PincusCo database currently indicates that Coney Realty Group owned at least 66 commercial properties with 3,274 residential units in New York City with 2,992,513 square feet and a city-determined market value of $206.6 million. (Market value is typically about 50% of actual value.) The portfolio has $73.8 million in debt, borrowed from Signature Bank and New York Community Bank. Within the portfolio, the bulk, or 68 percent of the 2,992,513 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 76 percent of the built space, is in Brooklyn, with Manhattan next at 20 percent of the space.

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