Dinesh Desai pays $9.5M for two walkups in Washington Heights

Dinesh Desai paid $9.5 million to Kenneth Moslin for two 55-unit residential walkups with the addresses 619 West 176th Street and 618 West 177th Street in Washington Heights, Manhattan in two separate transactions.

In the first, Dinesh Desai through the entity 619 West 176th Street LLC paid $4.75 million to Kenneth Moslin through the entity 176-177 Wadsworth Associates, LLC for the 55-unit residential walkup building (C7) at 619 West 176th Street in Washington Heights, Manhattan.
The deal closed on February 20, 2024 and was recorded on February 27, 2024. The property has 45,330 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $104 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, Dinesh Desai through the entity 618 West 177th Street LLC paid $4.75 million to Kenneth Moslin through the entity 176-177 Wadsworth Associates, LLC for the 55-unit residential walkup building (C7) at 618 West 177th Street in Washington Heights, Manhattan. The deal closed on February 20, 2024 and was recorded on February 27, 2024. The property has 45,330 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $104 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 Kenneth Moslin was Kenneth Moslin. The signatory for Dinesh Desai was Dinesh Desai. The contract date was October 20, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dinesh Desai had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kenneth Moslin had not purchased any other properties and sold five properties in three transactions for a total of $13 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Moslin, head officer and Kenneth Moslin, officer. The business entity is 176-177 Wadsworth Assoc Llc.

The property

The parcel for one building has frontage of 99 feet and is 100 feet deep with a total lot size of 9,910 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.9 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 received 11 housing violations and $180 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 nine of the 21 commercial properties representing 363,990 square feet of the 671,986 square feet. The largest owner is Stellar Management, followed by Solil Management and then SDG Management.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 671,986 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

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