Hesham Alsaedi, Adeeb Saeidi pay $4.1M to Abro Management for retail in Inwood

Hesham Hamod Alsaedi and Adeeb Saeidi through the entity 220 N LLC paid $4.1 million to Abro Management through the entity 210-220 Nagle Ave. LLC for the retail building (K1) at 220 Nagle Avenue in Inwood, Manhattan.
The deal closed on July 16, 2025 and was recorded on September 22, 2025. The property has 5,000 square feet of built space and 15,000 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $820 and the price per buildable square foot is $205 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 August 1, 2024, for $2.5 million. The signatory for Abro Management was Richard Scharf . The signatory for Hesham Hamod Alsaedi and Adeeb Saeidi was Hesham Alsaedi . The contract date was April 1, 2025.
The sale was brokered by Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hesham Hamod Alsaedi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Abro Management had not purchased any other properties and sold four properties in four transactions for a total of $36.2 million over the same time period. The 5,000-square-foot property generated revenue of $327,738 or $66 per square foot, according to the most recent income and expense figures.

The property

The retail building in Inwood has 5,000 square feet of built space and 15,000 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 50 feet deep with a total lot size of 5,000 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 $1.4 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 $2,700 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 neighborhood

In Inwood, The bulk, or 43 percent of the 15 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 34 percent of the space. In sales, Inwood has had very little sales volume relative to other neighborhoods with $112 million in sales volume in the last two years. For development, Inwood has had very little major development activity relative to other neighborhoods.It had 537,232 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 13 commercial properties representing 501,516 square feet of the 543,980 square feet. The largest owner is Min Wu, followed by Stellar Management and then Lemle & Wolfe.
There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 543,980 square feet of built space are walkup buildings, with retail buildings next occupying 1 percent of the space.

The seller

The PincusCo database currently indicates that Abro Management owned at least 46 commercial properties with 2,604 residential units in New York City with 2,548,991 square feet and a city-determined market value of $323.6 million. (Market value is typically about 50% of actual value.) The portfolio has $223.7 million in debt, with top three lenders as New York Community Bank, Ladder Capital, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 94 percent of the 2,548,991 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Adeeb Saeidi owned at least one commercial property with three residential units in New York City with 2,680 square feet and a city-determined market value of $718,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

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