Friedland Properties pays $10.2M to long-time owner for 74-unit rental in Washington Heights

Friedland Properties through the entity LF 788 Riverside LLC paid $10.2 million to heirs of Alan R. Bush through the entity Mardave Management, Inc. for the 74-unit residential elevator building (D1) at 788 Riverside Drive in Washington Heights, Manhattan.
The deal closed on November 8, 2023 and was recorded on November 16, 2023. The property has 80,678 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $126 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 David F. Bush was David F. Bush. The contract date was August 29, 2023. David Bush is an heir to the real estate portfolio assembled by Alan Richard Bush.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Friedland Properties had purchased any other properties and sold one property in one transaction for a total of $6.5 million over the past 24 months.
The seller David F. Bush had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Magdalena Kosz, head officer and Denay Riley, officer. The business entity is Mardave Mgmt. Inc.

The property

The residential elevator building with 74 residential units in Washington Heights has 80,678 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 105 feet and is 137 feet deep with a total lot size of 11,125 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The property is in the Audubon Park Historic District. The city-designated market value for the property in 2022 is $3.4 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 three housing violations and $775 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 11 of the 20 commercial properties representing 516,357 square feet of the 728,301 square feet. The largest owner is Yecheskel Eisenbach, followed by Tony Huang and then SDG Management.
On the tax block, there was one new building construction project filed totaling 118,559 square feet. It is a 120-unit, 118,559 square-foot residential (R-2) building submitted by Artifact Real Estate Development Company and filed by Javier Martinez with plans filed November 11, 2021 and permitted June 8, 2022.

The majority, or 87 percent of the 728,301 square feet of built space are elevator buildings, with mixed-use buildings next occupying 6 percent of the space.

The buyer

The PincusCo database currently indicates that Friedland Properties owned at least 11 commercial properties with 427 residential units in New York City with 573,212 square feet and a city-determined market value of $283.3 million. (Market value is typically about 50% of actual value.) The portfolio has $98.6 million in debt, borrowed from M&T Bank and Cathay Bank. Within the portfolio, the bulk, or 84 percent of the 573,212 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link