Gibralter Management pays $2.9M for 25-unit walkup in Washington Heights
Gibralter Management through the entity 494 Audubon Avenue LLC paid $2.9 million to James O. Vance through the entity Russley Co., Inc.. for the 25-unit residential walkup building (C7) at 494 Audubon Avenue in Washington Heights, Manhattan.
The buyer
The PincusCo database currently indicates that Gibralter Management owned at least 10 commercial properties with 112 residential units in New York City with 98,985 square feet and a city-determined market value of $9.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 98,985 square feet of built space are walkup properties, with mixed-use properties next occupying 5 percent of the space. They are all located in Bronx.
The deal closed on June 5, 2024 and was recorded on June 6, 2024. The property has 22,100 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $128 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 James O. Vance was James O. Vance. The signatory for Gibralter Management was Loomis J. Grossman Jr.. The contract date was May 16, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Gibralter Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James O. Vance 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 James Vance, head officer and Stewart Hackett, agent. The business entities are Robert E. Hill, Inc. and Russley Co., Inc.
The property
The residential walkup building with 25 residential units in Washington Heights has 22,100 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 55 feet deep with a total lot size of 5,500 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 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 26 housing violations and $940 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 19 of the 30 commercial properties representing 488,902 square feet of the 714,088 square feet. The largest owner is Zhi Lin, followed by Sdg Management and then Neyf Yd..
There are no active new building construction projects on this tax block.
The majority, or 81 percent of the 714,088 square feet of built space are walkup buildings, with elevator buildings next occupying 16 percent of the space.
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