Griffon Ventures pays $3.6M for Barberry Rose’s foreclosed 41-unit walkup in Inwood

Griffon Ventures through the entity 152 GV LLC paid $3.6 million through a judicial foreclosure for the 41-unit residential walkup building (C1) at 152 Sherman Avenue in Inwood, Manhattan. The expected use is cash flowing. The prior owner that lost the building in this foreclosure was Barberry Rose Management Company.
The deal closed on February 27, 2025 and was recorded on March 31, 2025. The property has 23,700 square feet of built space and 6,300 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $151 and the price per buildable 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 seller bought the property on November 13, 2013, for $5.2 million. The signatory for the court that handled the foreclosure (New York County 8501773/2022) of the Barberry Rose Management Company property was court-appointed referee Christy M. Demelfi. The signatory for Griffon Ventures was Yitzchok Weinberg . The contract date was February 27, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Griffon Ventures purchased nine properties in seven transactions for a total of $36.6 million and has no record it sold any properties over the past 24 months.
The former owner Barberry Rose Management Company had not purchased any other properties and sold or turned over 32 properties in 29 transactions for a total of $137.1 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 Mgmt Co. Inc. and 152 Sherman Holding Lp. The 23,700-square-foot property generated revenue of $473,096 or $20 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 41 residential units in Inwood has 23,700 square feet of built space and 6,300 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 150 feet deep with a total lot size of 7,500 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 $2.7 million. The property has 33 rent regulated units according to city tax records from 2023.

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 DOB violation, $6,250 in ECB penalties, nine housing violations, and $7,900 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 10 of the 16 commercial properties representing 313,233 square feet of the 475,993 square feet. The largest owner is Residential Management (Ny), followed by Alexander Hajibay and then Barberry Rose Management Company.
There are no active new building construction projects on this tax block.

All properties are walkup.

The seller

The PincusCo database currently indicates that Barberry Rose Management Company owned at least seven commercial properties with 146 residential units in New York City with 169,286 square feet and a city-determined market value of $26.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 36 percent of the 169,286 square feet of built space are walkup properties, with elevator properties next occupying 35 percent of the space. The bulk, or 55 percent of the built space, is in Manhattan, with Brooklyn next at 45 percent of the space.

The buyer

The PincusCo database currently indicates that Griffon Ventures owned at least 10 commercial properties with 250 residential units in New York City with 265,263 square feet and a city-determined market value of $21.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from Ridgewood Savings Bank. Within the portfolio, the bulk, or 66 percent of the 265,263 square feet of built space are walkup properties, with elevator properties next occupying 28 percent of the space. The bulk, or 50 percent of the built space, is in Bronx, with Manhattan next at 45 percent of the space.

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