Griffon Ventures pays $3.2M to Bronstein Properties for 25-unit walkup in Washington Heights

Griffon Ventures through the entity 112 Gv LLC paid $3.2 million to Bronstein Properties through the entity Nagle 112 LLC for the 25-unit residential walkup building (C7) at 112 Nagle Avenue in Washington Heights, Manhattan.
The deal closed on February 8, 2024 and was recorded on February 20, 2024. The property has 15,960 square feet of built space and 1,864 square feet of additional air rights for a total buildable of 17,815 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $198 and the price per buildable square foot is $178 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 October 31, 2019, for $4.8 million. The signatory for Bronstein Properties was Barry Rudofsky. The signatory for Griffon Ventures was Yitzchok Weinberg. The contract date was December 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Griffon Ventures purchased five properties in three transactions for a total of $10.4 million and has no record it sold any properties over the past 24 months.
The seller Bronstein Properties had not purchased any other properties and sold eight properties in six transactions for a total of $59.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Barry Rudofsky, head officer and Scott Silverman, officer. The business entities are Bronstein Properties Llc and Nagle 112 Llc.

The property

The residential walkup building with 25 residential units in Washington Heights has 15,960 square feet of built space and 1,864 square feet of additional air rights for a total buildable of 17,815 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 129 feet deep with a total lot size of 5,179 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 $2.9 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 one housing violation and $1,050 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 45 of the 72 commercial properties representing 1,310,638 square feet of the 1,835,311 square feet. The largest owner is Verizon, followed by Susan Edelstein and then Alma Realty.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 1.8 million square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Bronstein Properties owned at least 90 commercial properties with 4,602 residential units in New York City with 4,205,458 square feet and a city-determined market value of $465.1 million. (Market value is typically about 50% of actual value.) The portfolio has $475.7 million in debt, with top three lenders as New York Community Bank, Capital One, and Signature Bank respectively. Within the portfolio, the bulk, or 66 percent of the 4,205,458 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. The bulk, or 47 percent of the built space, is in Queens, with Manhattan next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Griffon Ventures owned at least six commercial properties with 134 residential units in New York City with 112,254 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 112,254 square feet of built space are walkup properties, with development properties next occupying 0 percent of the space. The bulk, or 76 percent of the built space, is in Bronx, with Manhattan next at 24 percent of the space.

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