Jem Realty Management pays $8.7M to Martin H. Osinski for retail in Washington Heights

3801 Broadway (Credit - Google)

Jem Realty Management through the entity 3801 Broadway Partners LLC paid $8.7 million to Martin H. Osinski through the entity Dynamic Broadway Corp. for the retail building (K2) at 3801 Broadway in Washington Heights, Manhattan.
The deal closed on August 23, 2022 and was recorded on August 31, 2022. The property has 15,585 square feet of built space and 19,209 square feet of additional air rights for a total buildable of 34,778 square feet according to PincusCo analysis of city data. The sale price per built square foot is $558 and the price per buildable square foot is $250 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 Martin H. Osinski was Martin H. Osinski. The signatory for Jem Realty Management was Adam Bayroff.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jem Realty Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Martin H. Osinski had not purchased any other properties and had not sold any properties over the same time period. The 15,585-square-foot property generated revenue of $659,308 or $42 per square foot, according to the most recent income and expense figures.

The property

The 3801 Broadway parcel has frontage of 101 feet and is 100 feet deep with a total lot size of 10,110 square feet. The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $3.6 million.

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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 received $1,850 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 $5 million on this tax lot.

The neighborhood

In Washington Heights, the bulk, or 45 percent of the 65.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Washington Heights has 1.6 times the average sales volume among other neighborhoods with $555.1 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Washington Heights has 1.3 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 18 of the 40 commercial properties representing 1,230,665 square feet of the 2,800,066 square feet. The largest owner is Monadnock Development, followed by Shimon Greisman and then Marc Goldfarb.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 2.8 million square feet of built space are elevator buildings, with industrial buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Jem Realty Management owned at least seven commercial properties in New York City with 296,444 square feet and a city-determined market value of $76.2 million. (Market value is typically about 50% of actual value.) The portfolio has $99.3 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 56 percent of the 296,444 square feet of built space are retail properties, with office properties next occupying 29 percent of the space. The bulk, or 56 percent of the built space, is in Manhattan, with Bronx next at 40 percent of the space.

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