Faramarz Hedvat pays $8.9M for residential elevator building in Washington Heights

Faramarz Hedvat through the entity 803 Partners LLC paid $8.9 million to Saul Hamond through the entity 803 West 180th Street Company, Inc. for 36-unit residential elevator building at 803 West 180th Street in Washington Heights, Manhattan.
The deal closed on January 13, 2022 and was recorded on January 26, 2022.
The property has 46,752 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $190 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 Saul Hamond was Stephen S. Siminou. The signatory for Faramarz Hedvat was Faramarz Hedvat.
Prior to this transaction, the buyer Faramarz Hedvat purchased at least one property in one transaction for a total of $3.5 million and had not sold any properties over the past 24 months.
The 46,752-square-foot property generated revenue of $757,892 or $16 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $100,000.
Saul Hamond is the CEO of the seller LLC.

In Washington Heights, the bulk, or 49 percent of the 78 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Washington Heights has 1.3 times the average sales volume among other neighborhoods with $366.7 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Washington Heights has near average amount of major developments among other neighborhoods and is the 19th highest in Manhattan. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 72 percent of the 1.8 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 25 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Saul Hamond, head officer and Joel Aragona, agent. The business entities were Aragona Management Group Inc. and 803 W. 180 St. Co. Inc.
Within a 400-foot radius of 803 West 180th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 18, 2021 for the $600,000 renovation of 63,761-square-foot R-2 building with 50 residential units at 452 Ft. Washington Avenue.
Of those five items, four were loans above $5 million totaling $40.7 million. The most recent of the four was Michael Aryeh which borrowed $11.8 million from JPMorgan Chase secured by the 46,530-square-foot, 48-unit rental (D1) on 854 West 180th Street on January 10, 2022.

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