Erjon Pacaj pays $3.8M for 48-unit rental in Inwood

Erjon Pacaj through the entity West LLC paid $3.8 million to Robert Miller through the entity 610 W. 204th Realty Co., LLC for the 48-unit residential walkup building (C1) at 610 West 204th Street in Inwood, Manhattan. The expected use is cash flowing.
The deal closed on July 12, 2024 and was recorded on August 7, 2024. The property has 35,000 square feet of built space and 4,999 square feet of additional air rights for a total buildable of 39,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $108 and the price per buildable square foot is $95 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 Robert Miller was Robert L. Miller. The signatory for Erjon Pacaj was Erjon Pacaj. The contract date was April 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Erjon Pacaj had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert Miller had not purchased any other properties and sold one properties in one transactions for a total of $8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Donald Miller, head officer and Nancy Michaels, officer. The business entities are B&R Management Co Llc and 610 West 204th Realty Co Llc.

The property

The residential walkup building with 48 residential units in Inwood has 35,000 square feet of built space and 4,999 square feet of additional air rights for a total buildable of 39,996 square feet 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 9,999 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 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 31 housing violations and $200 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 16 commercial properties representing 278,233 square feet of the 475,993 square feet. The largest owner is Alexander Hajibay, followed by Barberry Rose Management Company and then Kourosh Nasab.
There are no active new building construction projects on this tax block.

All properties are walkup.

The seller

The PincusCo database currently indicates that Robert Miller owned at least five commercial properties with 306 residential units in New York City with 340,650 square feet and a city-determined market value of $20.5 million. (Market value is typically about 50% of actual value.) The portfolio has $26.6 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 98 percent of the 340,650 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 44 percent of the built space, is in Bronx, with Manhattan next at 35 percent of the space.

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