Eduart Shllaku pays $6M to Barberry Rose for 42-unit rental in Washington Heights

Eduart Shllaku through the entity 390 Wadsworth Realty LLC paid $6 million to Barberry Rose Management Company through the entity Stf 390 Wadsworth Holding LLC for 42-unit residential elevator building (D1) at 390 Wadsworth Avenue in Washington Heights, Manhattan.
The deal closed on February 15, 2023 and was recorded on February 22, 2023. The property has 50,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $120 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 seller bought the property on September 14, 2017, for $12.5 million. The signatory for Barberry Rose Management Company was Lewis M. Barbanel. The signatory for Eduart Shllaku was Eduart Shllaku.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Eduart Shllaku purchased one property in one transaction for a total of $7.5 million and has no record it sold any properties over the past 24 months.
The seller Barberry Rose Management Company had not purchased any other properties and sold 20 properties in four transactions for a total of $43.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Lewis Barbanel, head officer and Robert Silverman, officer. The business entities are Barberry Rose Management Co. Inc. and Stf 390 Wadsworth Holding Llc. The 50,000-square-foot property generated revenue of $601,477 or $12 per square foot, according to the most recent income and expense figures.

The property

The 390 Wadsworth Avenue parcel has frontage of 113 feet and is 98 feet deep with a total lot size of 12,350 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2005 and expires in 2039. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,250 in ECB penalties, 19 housing violations, and $1,550 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 40 of the 88 commercial properties representing 1,514,548 square feet of the 2,638,389 square feet. The largest owner is Zef Curanovic, followed by Morris Sarway and then Chaim Simkowitz.
On the tax block, there were eight new building construction projects totaling 516,827 square feet. The largest is a 123-unit, 135,361-square-foot R-2 building developed by Woody Victor with plans filed October 4, 2017 and it has not been permitted yet.The second largest is a 98-unit, 109,200-square-foot R-2 building developed by Eldad Gothelf with plans filed December 5, 2013 and it has not been permitted yet.

The majority, or 64 percent of the 2.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Barberry Rose Management Company owned at least 39 commercial properties in New York City with 1,217,144 square feet and a city-determined market value of $84.2 million. (Market value is typically about 50% of actual value.) The portfolio has $21.4 million in debt, borrowed from ORITANI BANK and Principal Life Insurance Company. Within the portfolio, the bulk, or 51 percent of the 1,217,144 square feet of built space are walkup properties, with elevator properties next occupying 45 percent of the space. The bulk, or 63 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.

The buyer

The PincusCo database currently indicates that Eduart Shllaku owned at least two commercial properties in New York City with 88,093 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) The portfolio has $10.9 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are elevator properties. They are all located in Bronx.

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