Elysee Investment pays $5M to Pan Am Equities for retail in Inwood

Avi Dishi’s Elysee Investment Corp through the entity Metropolitan Management LLC paid $5 million to Pan Am Equities through the entity Caroline Holdings, LLC for the retail condominium unit at 546 West 207th Street in Inwood, Manhattan. The expected use is cash flowing. The building is divided into two condominium units, the retail and a garage. The garage, owned by Related Companies, was not part of this sale
The deal closed on November 12, 2024 and was recorded on November 18, 2024. The property has 13,079 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $382 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 Pan Am Equities was Scott E. Solomon. The signatory for Elysee Investment was Avraham Dishi. The contract date was November 4, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Elysee Investment Corp had purchased any other properties and sold two properties in two transactions for a total of $10.3 million over the past 24 months.
The seller Pan Am Equities had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Inwood has 13,079 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 13,079 square feet. The city-designated market value for the property in 2022 is $3.6 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 27, 2018. 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 Inwood, The bulk, or 43 percent of the 15 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 34 percent of the space. In sales, Inwood has had very little sales volume relative to other neighborhoods with $109 million in sales volume in the last two years. For development, Inwood has 1.4 times the average amount of major developments relative to other neighborhoods and is the 22nd 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 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 14 commercial properties representing 281,011 square feet of the 471,750 square feet. The largest owner is Related Companies, followed by Elysee Investment Company and then Parkoff Organization.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 471,750 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Pan Am Equities owned at least 21 commercial properties with 2,254 residential units in New York City with 2,304,042 square feet and a city-determined market value of $705.8 million. (Market value is typically about 50% of actual value.) The portfolio has $107.3 million in debt, with top three lenders as People’s United Bank, Bayerische Landesbank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 99 percent of the 2,304,042 square feet of built space are elevator properties, with walkup properties next occupying 1 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Elysee Investment Corp owned at least 28 commercial properties with 783 residential units in New York City with 791,066 square feet and a city-determined market value of $97.8 million. (Market value is typically about 50% of actual value.) The portfolio has $176.9 million in debt, with top three lenders as Morgan Stanley, Bank of America, and Flushing Bank respectively. Within the portfolio, the bulk, or 53 percent of the 791,066 square feet of built space are elevator properties, with walkup properties next occupying 43 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link