Edison pays $8.1M for likely dev site in Washington Heights, owns adjacent plot

Edison Properties through the entity 284 Dyckman Street Properties, LLC paid $8.1 million to KGP Management through the entity Henshaw Realty LLC for the industrial building (G1) at 278 Dyckman Street in Washington Heights, Manhattan. The expected use is ground up development. Edison Properties owns the adjacent parcel, a garage, at 270 Dyckman Street.
The deal closed on April 1, 2025 and was recorded on April 11, 2025. The property has 32,440 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $250 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 KGP Management was Eric Krantz . The signatory for Edison Properties was Jon Dario. The contract date was November 27, 2024.

Prior sales and revenue

The seller KGP Management had not purchased any other properties and had not sold any properties over the same time period. The 32,440-square-foot property generated revenue of $559,746 or $17 per square foot, according to the most recent income and expense figures.

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 two DOB violations and $150 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 neighborhood

In Washington Heights, The bulk, or 45 percent of the 66 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Washington Heights has 1.2 times the average sales volume among other neighborhoods with $317.7 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Washington Heights has 1.3 times the average amount of major developments relative to other neighborhoods and is the 23rd highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 303,312 square feet of the 334,582 square feet. The largest owner is Edel Family Management, followed by Edison Properties and then StorageMart.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 334,582 square feet of built space are industrial buildings, with elevator buildings next occupying 45 percent of the space.

The buyer

The PincusCo database currently indicates that Edison Properties owned at least 30 commercial properties with 1,081 residential units in New York City with 1,548,615 square feet and a city-determined market value of $395.4 million. (Market value is typically about 50% of actual value.) The portfolio has $65 million in debt, borrowed from Greystone & Co. and Edison Properties. Within the portfolio, the bulk, or 67 percent of the 1,548,615 square feet of built space are elevator properties, with office properties next occupying 23 percent of the space. They are all located in Manhattan.

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