DiFalco Group pays $7.6M for retail in Upper West Side

DiFalco Group through the entity Local Broadway LLC paid $7.6 million to Adam America Real Estate and Hampshire Properties through the entity 2461 Broadway LLC for two retail condominium units with 2,984 square feet on the first floor of the 52-unit condo building The Westly at 2461 Broadway in Upper West Side, Manhattan.
The deal closed on September 11, 2023 and was recorded on September 21, 2023. The price per foot is $2,546 per square foot.
The signatory for Adam America Real Estate and Hampshire Properties was Ron Vaksin and Tomas Rosenthal. The signatory for DiFalco Group was Christopher L. DiFalco. The contract date was June 30, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer DiFalco Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Adam America Real Estate had not purchased any other properties and sold three properties in three transactions for a total of $87.6 million over the same time period.

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 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 the tax block of 2461 Broadway, PincusCo has identified the owners of 19 of the 21 commercial properties representing 418,400 square feet of the 470,565 square feet. The largest owner is Vanderbilt Property Management, followed by MSB Management.
On the tax block, there was one new building construction project filed totaling 150,852 square feet. It is a 57-unit, 150,852 square-foot residential (R-2) building submitted by Hampshire Properties and filed by Robert Rosenthal with plans filed June 7, 2017 and permitted December 2, 2019.

The majority, or 53 percent of the 470,565 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Adam America Real Estate owned at least four commercial properties with 198 residential units in New York City with 313,838 square feet and a city-determined market value of $78.7 million. (Market value is typically about 50% of actual value.) The portfolio has $348.8 million in debt, with top three lenders as Axos Bank, AIG, and MSD Partners respectively. Within the portfolio, the bulk, or 67 percent of the 313,838 square feet of built space are elevator properties, with D7 properties next occupying 33 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Brooklyn next at 25 percent of the space.
The PincusCo database currently indicates that Hampshire Properties owned at least three commercial properties with 97 residential units in New York City with 147,465 square feet and a city-determined market value of $14.5 million. (Market value is typically about 50% of actual value.) The portfolio has $122.7 million in debt, with top three lenders as Bank Leumi, Bank Hapoalim, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 100 percent of the 147,465 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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