Demetrios Moragianis pays $8.9M for 100-unit rental in Inwood

Demetrios Moragianis through the entity 165 Sherman Associates LLC paid $8.9 million to Michael Utevsky and Lawrence J. Berger through the entity 165 Sherman Avenue, L.L.C. for the 100-unit residential elevator building (D7) at 165-175 Sherman Avenue in Inwood, Manhattan. The expected use is cash flowing.
The deal closed on July 24, 2025 and was recorded on August 8, 2025. The property has 93,250 square feet of built space and 2,640 square feet of additional air rights for a total buildable of 96,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $95 and the price per buildable square foot is $93 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 Michael Utevsky and Lawrence J. Berger was Michael Utevsky and Lawrence J. Berger. The signatory for Demetrios Moragianis was Demetrios Moragianis. The contract date was April 14, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Demetrios Moragianis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Utevsky 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 Michael Utevsky, head officer and Brian Lina, agent. The business entities are Langsam Prop. Services Corp. and 165 Sherman Ave, Llc. The 93,250-square-foot property generated revenue of $1.6 million or $17 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 100 residential units in Inwood has 93,250 square feet of built space and 2,640 square feet of additional air rights for a total buildable of 96,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 160 feet deep with a total lot size of 24,000 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 $4.7 million. The property has 93 rent regulated units according to city tax records from 2023.

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 $1,250 in ECB penalties, 48 housing violations, and $1,800 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 four of the eight commercial properties representing 153,649 square feet of the 427,536 square feet. The largest owner is Michael Aryeh, followed by George Huang and then Msa Investments.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 427,536 square feet of built space are elevator buildings, with walkup buildings next occupying 41 percent of the space.

The buyer

The PincusCo database currently indicates that Demetrios Moragianis owned at least seven commercial properties with 874 residential units in New York City with 915,258 square feet and a city-determined market value of $72.4 million. (Market value is typically about 50% of actual value.) The portfolio has $77.3 million in debt, with top three lenders as Community Preservation Corporation, Greystone & Co., and Arbor Realty Trust respectively. Within the portfolio, the bulk, or 89 percent of the 915,258 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. The bulk, or 82 percent of the built space, is in Brooklyn, with Bronx next at 18 percent of the space.

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