Maverick Real Estate Partners pays $2.5M for mixed-use in Washington Heights

Maverick Real Estate Partners through the entity Amsterdam Mixed Use Owner LLC paid $2.5 million to Elizabeth Chery through the entity 500 W 184 LLC for two-unit mixed-use building at 500 West 184th Street in Washington Heights, Manhattan.
The deal closed on April 5, 2022 and was recorded on May 25, 2022. The property has 5,610 square feet of built space and 2,269 square feet of additional air rights for a total buildable of 7,884 square feet according to PincusCo analysis of city data. The sale price per built square foot is $446 and the price per buildable square foot is $317 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 Elizabeth Chery was Elizabeth Chery. The signatory for Maverick Real Estate Partners was Jason Leibowitz. Maverick Real Estate Partners previously bought the note for this property in 2020.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Maverick Real Estate Partners purchased two properties in two transactions for a total of $5 million and has no record it sold any properties over the past 24 months.
The seller Elizabeth Chery had not purchased any other properties and had not sold any properties over the same time period.

The property

The 500 West 184th Street parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,292 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $659,000.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on March 2, 2021, by Elizabeth Chery citing assets of $1.8 million. In addition, according to city public data, the property has received five DOB violations, $89,335 in ECB 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 49 percent of the 78 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Washington Heights has 1.3 times the average sales volume among other neighborhoods with $366.7 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Washington Heights has near average amount of major developments among other neighborhoods and is the 19th highest in Manhattan. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 19 commercial properties representing 296,132 square feet of the 546,257 square feet. The largest owner is City of New York, followed by Moses Mizrahi and then Susan Moy. There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 621,174 square feet of built space are specialty buildings, with residential elevator buildings next occupying 31 percent of the space.

Surrounding

Within a 400-foot radius of 500 West 184th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Elysee Investment Corp bought the 36,108-square-foot, 41-unit rental (D7) on 2502 Amsterdam Avenue for $8.5 million from Cammeby’s International Group on March 22, 2022.
One of those two items was a loan which Elysee Investment Corp borrowed $90.4 million from Morgan Stanley secured by the 73,336-square-foot, 41-unit rental (D7) on 2502 Amsterdam Avenue and 11 other properties on March 31, 2022.

Direct link to Acris document. link