Buyer pays $5.8M to Milbrook Properties for 43-unit rental in Washington Heights

UPDATED 12:07 p.m., August 11, 2025: Michael Wiley through the entity Michael Douglas Properties LLC paid $5.8 million to Milbrook Properties through the entity Rigs Management Co., LLC for the 43-unit residential elevator building (D7) at 1270-1278 St. Nicholas Avenue in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on August 1, 2025 and was recorded on August 8, 2025. The property has 47,988 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $121 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 Milbrook Properties was Charles Hirsch .The signatory for Michael Wiley was Michael Wiley. The buyer entity is at the address of Douglas Peterson , however Peterson is not an owner of the property, only a manager of the property, according to a person with knowledge of the transaction. The contract date was April 24, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Douglas Peterson had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Milbrook Properties 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 Rubin Pikus, head officer and Eduart Betances, site manager. The business entities are Milbrook Properties and Rigs Management Co. Llc. The 47,988-square-foot property generated revenue of $1.8 million or $37 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 43 residential units in Washington Heights has 47,988 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 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 $5.7 million. The property has 44 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, six housing violations, and $3,700 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 six of the 26 commercial properties representing 164,405 square feet of the 405,077 square feet. The largest owner is Shamco Management, followed by Prana Investments and then John Milevoi.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 405,077 square feet of built space are walkup buildings, with elevator buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Milbrook Properties owned at least five commercial properties with 187 residential units in New York City with 220,114 square feet and a city-determined market value of $31.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Symetra Life Insurance Company. Within the portfolio, the bulk, or 48 percent of the 220,114 square feet of built space are elevator properties, with walkup properties next occupying 45 percent of the space. The bulk, or 66 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

Correction: A prior version of this post incorrectly identified Douglas Peterson as a buyer of the property along with Michael Wiley. However Peterson is the manager of the property, not an owner.

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