Coney Realty pays $6M to Barberry Rose for two rentals in Upper Manhattan, bought for $16.5M

Coney Realty Group paid $6.07 million to Barberry Rose Management Company for two elevator rental buildings in Upper Manhattan in two transactions. The seller bought the buildings in 2016 for a combined $16.5 million.

The PincusCo database currently indicates that Coney Realty Group owned at least 51 commercial properties with 2,629,350 square feet, 2,857 residential units and a city-determined market value of $189.6 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 76 percent of the 2,629,350 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. The bulk, or 87 percent of the built space, is in Brooklyn, with Manhattan next at 9 percent of the space.

In the first, Coney Realty Group through the entity 519 W143 Chalet LLC paid $3.8 million to Barberry Rose Management Company through the entity Bsf 519 West 143rd Street Holding LLC for the 24-unit residential elevator building (D1) at 519 West 143rd Street in Harlem, Manhattan.
The deal closed on September 13, 2023 and was recorded on September 25, 2023. The property has 29,520 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $128 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 on May 12, 2016, for $9.3 million. The signatory for Barberry Rose Management Company was Lewis M. Barbanel. The signatory for Coney Management was Michael Haas. Coney Realty Group also uses the names Coney Management, Coney Realty & Management and Coney Realty.
The contract date was April 5, 2023.

Coney Realty Group through the entity 574 W161 Chalet LLC paid $2.3 million to Barberry Rose Management Company through the entity Bsf 574 West 161st Street Holding LLC for the 31-unit residential walkup building (C1) at 574 West 161st Street in Washington Heights, Manhattan. The deal closed on September 13, 2023 and was recorded on September 25, 2023. The property has 25,160 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $90 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 on June 21, 2016, for $7.2 million. The signatory for Barberry Rose Management Company was Lewis M. Barbanel. The signatory for Coney Realty Group was Michael Haas. The contract date was August 3, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Coney Management had purchased any other properties 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 nine properties in nine transactions for a total of $54.7 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 and Bsf 519 W 143rd St Holding Llc.

The property

The residential elevator building with 24 residential units in Harlem has 29,520 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 99 feet deep with a total lot size of 7,077 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 $1.9 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 not received any significant violations 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 six of the 12 commercial properties representing 249,038 square feet of the 499,888 square feet. The largest owner is Stellar Management, followed by Silver Star Properties and then New York City Department Of Housing Preservation And Development.
There are no active new building construction projects on this tax block.

All properties are elevator.

The seller

The PincusCo database currently indicates that Barberry Rose Management Company owned at least 32 commercial properties with 966 residential units in New York City with 924,573 square feet and a city-determined market value of $71.9 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 59 percent of the 924,573 square feet of built space are walkup properties, with elevator properties next occupying 36 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 23 percent of the space.

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