Isidoros Sfikas pays $9M for 72-unit rental in Inwood

Isidoros Sfikas through the entity 172 Audubon Corp. paid $9 million to Robert L. Miller through the entity W. 205 Realty Co., LLC for the 72-unit residential elevator building (D3) at 425 West 205th Street in Inwood, Manhattan.
The deal closed on May 14, 2024 and was recorded on May 17, 2024. The property has 77,967 square feet of built space and 1,998 square feet of additional air rights for a total buildable of 79,936 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $115 and the price per buildable square foot is $112 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 December 18, 2014, for $12.6 million. The signatory for Robert L. Miller was Robert L. Miller. The signatory for Isidoros Sfikas was Isidoros Sfikas. The contract date was April 2, 2024.
To finance the purchase, JPMorgan Chase provided a $5.1 million loan to Sfikas.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Isidoros Sfikas had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert L. Miller 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 Robert Miller, head officer and Alejandro Espaillat, site manager. The business entities are B&R Management Co Llc and W. 205 Realty Co. Llc.

The property

The residential elevator building with 72 residential units in Inwood has 77,967 square feet of built space and 1,998 square feet of additional air rights for a total buildable of 79,936 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 99 feet deep with a total lot size of 19,984 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 $2.8 million. The most recent loan totaled $5.2 million and was provided by JPMorgan Chase on June 23, 2021.

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 44 housing violations, $400 in OATH penalties, and one housing litigation 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 three of the seven commercial properties representing 113,587 square feet of the 130,587 square feet. The largest owner is Robert Miller, followed by Moses Mizrachi and then Gilman Management Corp..
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 130,587 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Isidoros Sfikas owned at least eight commercial properties with 542 residential units in New York City with 476,168 square feet and a city-determined market value of $32.3 million. (Market value is typically about 50% of actual value.) The portfolio has $47.7 million in debt, borrowed from JPMorgan Chase and Berkadia Commercial Mortgage. Within the portfolio, the bulk, or 94 percent of the 476,168 square feet of built space are elevator properties, with walkup properties next occupying 6 percent of the space. The bulk, or 90 percent of the built space, is in Bronx, with Manhattan next at 10 percent of the space.

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