Married doctors pay $4.5M to car service for retail in Inwood

Married medical doctors Olugbenga Dawodu and Omotola Dawodu through the entity 4020 10th Avenue LLC paid $4.5 million to Seaman Radio Dispatchers for the retail building (K4) at 4020 10th Avenue in Inwood, Manhattan. The expected use is cash flowing.
The deal closed on September 26, 2024 and was recorded on October 28, 2024. The property has 6,586 square feet of built space and 9,125 square feet of additional air rights for a total buildable of 15,708 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $683 and the price per buildable square foot is $286 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 Seaman Radio Dispatchers was Bienvenido DeJesus. The signatory for Olugbenga Dawodu and Omotola Dawodu was Olugbenga Dawodu. The contract date was December 5, 2023. Seaman Radio Dispatchers also uses the name Seaman Car Limo and Seaman Radio Dispatcher (singular). This building is the company’s headquarters building. Olugbenga Dawodu and Omotola Dawodu are both doctors. https://com.ui.edu.ng/index.php/drs-olugbenga-and-omotola-dawodu-nee-olusanya-attain-platinum-status-on-the-college-of-medicine-university-of-ibadan-student-hostel-building-project-donor-list

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Olugbenga Dawodu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Seaman Radio Dispatchers had not purchased any other properties and had not sold any properties over the same time period. The 6,586-square-foot property generated revenue of $198,872 or $30 per square foot, according to the most recent income and expense figures.

The property

The retail building in Inwood has 6,586 square feet of built space and 9,125 square feet of additional air rights for a total buildable of 15,708 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 3,740 square feet. The zoning is C4-5D which allows for up to 4.2 times floor area ratio (FAR) for commercial and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $945,000.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1,000,000 commercial foreclosure concerning a loan filed on February 16, 2023, by TD Bank against Seaman Radio Dispatchers and Bienvenido De Jesus. In addition, according to city public data, the property has received $280 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 $104.5 million in sales volume in the last two years. For development, Inwood has 1.3 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 14,590 square feet of the 95,337 square feet. The identified owner is Tina Wertenteil-Rotstein.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 95,337 square feet of built space are walkup buildings, with industrial buildings next occupying 26 percent of the space.

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