Harold Dweck, Morris Dweck pay $7.9M to Apple Bank for bank building in Inwood

Harold Dweck and Morris Dweck through the entity Inwood NYC Holdings LLC paid $7.9 million to Apple Bank for Savings for the retail bank building (K7) at 4948-4950 Broadway in Inwood, Manhattan. The building was constructed in approximately 1948 for Apple Bank predecessor Harlem Savings Bank. This is the first sale of the property since it was constructed.
The deal closed on December 15, 2022 and was recorded on December 22, 2022. The property has 7,725 square feet of built space and 38,378 square feet of additional air rights for a total buildable of 46,100 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,022 and the price per buildable square foot is $171 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 Apple Bank for Savings was Mitchell W. Jacobs. The signatory for Harold Dweck and Morris Dweck was Morris Dweck.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Harold Dweck had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Apple Bank for Savings had not purchased any other properties and had not sold any properties over the same time period. The 7,725-square-foot property generated revenue of $392,030 or $51 per square foot, according to the most recent income and expense figures.

The property

The 4948-4950 Broadway parcel has frontage of 75 feet and is 158 feet deep with a total lot size of 11,525 square feet. The lot is irregular. 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 $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Inwood, the bulk, or 44 percent of the 14.9 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 33 percent of the space. In sales, Inwood has near average sales volume among other neighborhoods with $369.9 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Inwood has 1.7 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 114,222 square feet of the 294,758 square feet. The two identified owners are Solil Management and Moses Mizrahi.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 294,758 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

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