George Sakellaris pays $20.1M to Barberry Rose for two rentals in Washington Heights

George P. Sakellaris paid $20.1 million to Barberry Rose Management Company for two rental buildings in Washington Heights with a total of 66 units in two separate transactions.

In the first, George P. Sakellaris through the entity GPS 3850 LLC paid $10.9 million to Barberry Rose Management Company through the entity 3850 Broadway Holding LLC for the 39-unit residential elevator building (D7) at 3850 Broadway in Washington Heights, Manhattan.
The deal closed on March 31, 2023 and was recorded on April 4, 2023. The property has 46,309 square feet of built space and 13,888 square feet of additional air rights for a total buildable of 60,151 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $236 and the price per buildable square foot is $181 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 August 26, 2014, for $14.8 million. The signatory for Barberry Rose Management Company was Lewis M. Barbanel. The signatory for George P. Sakellaris was George P. Sakellaris.

In the second, George P. Sakellaris through the entity GPS 3900 LLC paid $9.2 million to Barberry Rose Management Company through the entity 3900 Broadway Holding LLC for the 27-unit residential elevator building (D7) at 3900 Broadway in Washington Heights, Manhattan. The deal closed on March 31, 2023 and was recorded on April 4, 2023. The property has 49,576 square feet of built space and 10,591 square feet of additional air rights for a total buildable of 60,151 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $184 and the price per buildable square foot is $152 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 June 11, 2014, for $13 million. The signatory for Barberry Rose Management Company was Lewis M. Barbanel. The signatory for George P. Sakellaris was George P. Sakellaris.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer George P. Sakellaris had purchased any other properties 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 21 properties in five transactions for a total of $49.1 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 3850 Broadway Holding Llc. The 46,309-square-foot property generated revenue of $1.1 million or $23 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 39 residential units in Washington Heights has 46,309 square feet of built space and 13,888 square feet of additional air rights for a total buildable of 60,151 square feet according to a PincusCo analysis of city data. The parcel has frontage of 99 feet and is 100 feet deep with a total lot size of 9,992 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.4 million. The most recent loan totaled $11.4 million and was provided by ORITANI BANK on July 3, 2019.

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 121 housing violations and $1,980 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 16 commercial properties representing 345,214 square feet of the 389,319 square feet. The largest owner is Two80 Real Estate Ventures, followed by Tahl Propp Equities and then Scharfman Organization.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 389,319 square feet of built space are elevator buildings, with walkup buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Barberry Rose Management Company owned at least 38 commercial properties with 1,188 residential units in New York City with 1,167,144 square feet and a city-determined market value of None. (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 53 percent of the 1,167,144 square feet of built space are walkup properties, with elevator properties next occupying 43 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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