Coney Realty pays $19.5M to Barberry Rose for 6 walkups in Inwood

Coney Realty Group paid $19.5 million to Barberry Rose Management Company for six walkup buildings on a single block in Inwood, Manhattan. This is part of a series of sales Barberry Rose has initiated with buyers such as Coney Realty Group and Alma Realty.

In the first of these six sales, Coney Realty Group through the entity 133 Sherman Chalet LLC paid $4.9 million to Barberry Rose Management Company through the entity Bsf Inwood Holding LLC for the 37-unit residential walkup building (C7) at 133 Sherman Avenue in Inwood, Manhattan.
The property has 31,688 square feet of built space and 320 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 $154 and the price per buildable square foot is $153 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.)

In the second, Coney Realty Group through the entity 26 Post Chalet LLC paid $4.1 million to Barberry Rose Management Company through the entity Bsf Inwood Holding LLC for the 25-unit residential walkup building (C1) at 26 Post Avenue in Inwood, Manhattan.

In the third, Coney Realty Group through the entity 125 Sherman Chalet LLC paid $3 million to Barberry Rose Management Company through the entity Bsf Inwood Holding LLC for the 26-unit residential walkup building (C1) at 125 Sherman Avenue in Inwood, Manhattan.

In the fourth, Coney Realty Group through the entity 113 Sherman Chalet LLC paid $2.7 million to Barberry Rose Management Company through the entity Bsf Inwood Holding LLC for the 25-unit residential walkup building (C1) at 113 Sherman Avenue in Inwood, Manhattan.

In the fifth, Coney Realty Group through the entity 252 Sherman Chalet LLC paid $2.5 million to Barberry Rose Management Company through the entity Bsf 250-252 Sherman Holding LLC for the 20-unit residential walkup building (C1) at 252 Sherman Avenue in Inwood, Manhattan.

In the sixth, Coney Realty Group through the entity 109 Sherman Chalet LLC paid $2.3 million to Barberry Rose Management Company through the entity Bsf Inwood Holding LLC for the 26-unit residential walkup building (C1) at 109 Sherman Avenue in Inwood, Manhattan.

The deals closed on September 13, 2023 and were recorded on September 27, 2023. 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 two properties in two transactions for a total of $6.1 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 11 properties in 11 transactions for a total of $60.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development include Lewis Barbanal, head officer and Robert Silverman, officer. The business entities were Barberry Rose Management Co. Inc. and Bsf Inwood Holding Llc.

The property

The residential walkup building with 37 residential units in Inwood has 31,688 square feet of built space and 320 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 $1.2 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 six housing violations and $4,325 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 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.

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 30 commercial properties with 911 residential units in New York City with 869,893 square feet and a city-determined market value of $68.4 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 60 percent of the 869,893 square feet of built space are walkup properties, with elevator properties next occupying 35 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 24 percent of the space.

The buyer

The PincusCo database currently indicates that Coney Realty Group owned at least 53 commercial properties with 2,912 residential units in New York City with 2,684,030 square feet and a city-determined market value of $193.1 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 76 percent of the 2,684,030 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. The bulk, or 85 percent of the built space, is in Brooklyn, with Manhattan next at 11 percent of the space.

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