Gilman pays $1.95M to Ramer & Saperstein for 29-unit walkup in Inwood

Gilman Management through the entity 205th Street Associates LLC paid $1.95 million to Ramer & Saperstein through the entity 407-205, LLC for the 29-unit residential walkup building (C1) at 407 West 205th Street in Inwood, Manhattan.
The deal closed on February 28, 2024 and was recorded on March 4, 2024. The property has 17,810 square feet of built space and 2,147 square feet of additional air rights for a total buildable of 19,980 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $109 and the price per buildable square foot is $97 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 Ramer & Saperstein was Michael Saperstein. The signatory for Gilman Management Corp. was Robert Raphael. The contract date was June 28, 2023.
The brokers on the deal were Rosewood Realty Group’s Ben Khakshoor, Aaron Jungreis and Alex Fuchs.
According to the brokers, the walk-up building has 29 rent stabilized apartments, sold for a cap rate of 7.8 percent, at a GRM of 5.4, and a price per unit of $67,241.
“The property is in the AEP (Alternative Enforcement Program) and required a lot of work to bring it up to code,” said Rosewood’s Ben Khakshoor in an email.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Gilman Management Corp. purchased two properties in two transactions for a total of $6.5 million and sold one property in one transaction for a total of $8.3 million over the past 24 months.
The seller Ramer & Saperstein 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 Michael Saperstein, head officer and Marc Ramer, officer. The business entities are Essential Property Management Llc and 407-205, Llc.

The property

The residential walkup building with 29 residential units in Inwood has 17,810 square feet of built space and 2,147 square feet of additional air rights for a total buildable of 19,980 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 99 feet deep with a total lot size of 4,995 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 $1.7 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 118 housing violations, $450 in OATH penalties, and three housing litigations 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 two of the seven commercial properties representing 95,777 square feet of the 130,587 square feet. The two identified owners are Robert Miller and Moses Mizrachi.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 130,587 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Ramer & Saperstein owned at least six commercial properties with 52 residential units in New York City with 55,304 square feet and a city-determined market value of $28.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Dime Community Bank. Within the portfolio, the bulk, or 68 percent of the 55,304 square feet of built space are walkup properties, with elevator properties next occupying 32 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Gilman Management Corp. owned at least three commercial properties with 72 residential units in New York City with 68,850 square feet and a city-determined market value of $6.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 51 percent of the 68,850 square feet of built space are elevator properties, with walkup properties next occupying 49 percent of the space. The bulk, or 51 percent of the built space, is in Brooklyn, with Manhattan next at 49 percent of the space.

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