Griffon Ventures pays $3.2M for 38-unit walkup in Washington Heights
Griffon Ventures through the entity 608 Gv LLC paid $3.2 million to Amir Gavarin through the entity Jabar Realty Corp. for the 38-unit residential walkup building (C7) at 608 West 192nd St in Washington Heights, Manhattan.
The deal closed on June 12, 2023 and was recorded on June 20, 2023. The property has 27,055 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $120 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 Amir Gavarin was Amir Gavarin. The signatory for Griffon Ventures was Yitzchok Weinberg. The PincusCo database currently indicates that Yitzchok Weinberg owned at least 16 commercial properties with 176,235 square feet, 198 residential units and a city-determined market value of $17.7 million. (Market value is typically about 50% of actual value.) The portfolio has $15.1 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are walkup properties. They are all located in Bronx.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Griffon Ventures purchased two properties in two transactions for a total of $7.3 million and has no record it sold any properties over the past 24 months.
The seller Amir Gavarin 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 Barry Gavarin, head officer and Jeffrey Farkas, officer. The business entity is Jabar Realty Corp. The 27,055-square-foot property generated revenue of $441,981 or $16 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 38 residential units in Washington Heights has 27,055 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 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 $1.7 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 10 housing violations 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 10 of the 18 commercial properties representing 298,066 square feet of the 476,809 square feet. The largest owner is Slate Property Group, followed by SDG Management and then Mp Management.
There are no active new building construction projects on this tax block.
The majority, or 61 percent of the 476,809 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.
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