Miklos C. Vasarhelyi pays $4.1M to Milbrook Properties for 43-unit rental in Washington Heights

Miklos C. Vasarhelyi through the entity 374 Wadsworth LLC paid $4.1 million to Milbrook Properties through the entity Bruin Equities LLC for the 43-unit residential elevator building (D1) at 374 Wadsworth Avenue in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on February 6, 2026 and was recorded on February 12, 2026. The property has 50,094 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $82 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 Milbrook Properties was Charles Hirsch . The signatory for Miklos C. Vasarhelyi was Miklos C. Vasarhelyi. The contract date was December 4, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Miklos C. Vasarhelyi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Milbrook Properties had not purchased any other properties and sold one property in one transaction for a total of $5.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rubin Pikus, head officer and Dani Elsi, site manager. The business entities are Milbrook Properties Ltd and Bruin Equities, Llc. The 50,094-square-foot property generated revenue of $779,964 or $16 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 43 residential units in Washington Heights has 50,094 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 113 feet and is 98 feet deep with a total lot size of 12,350 square feet. The lot is irregular. 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 $2.2 million. The property has 42 rent regulated units according to city tax records from 2024.

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 five housing violations and $100 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 block

On this tax block, PincusCo has identified the owners of 48 of the 88 commercial properties representing 1,793,683 square feet of the 2,638,389 square feet. The largest owner is Pinnacle Group, followed by Morris Schreiber and then Gp Properties.
On the tax block, there were four new building construction projects totaling 280,352 square feet. The largest is a 123-unit, 135,361 square-foot residential (R-2) building submitted by Woody Victor with plans filed October 4, 2017 and it has not been permitted yet. The second largest is a 129-unit, 86,760 square-foot residential (R-2) building submitted by HAP Investments and filed by Eran Polack with plans filed May 8, 2018 and permitted August 20, 2019.

The majority, or 64 percent of the 2.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Milbrook Properties owned at least five commercial properties with 187 residential units in New York City with 220,114 square feet and a city-determined market value of $31.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Symetra Life Insurance Company. Within the portfolio, the bulk, or 48 percent of the 220,114 square feet of built space are elevator properties, with walkup properties next occupying 45 percent of the space. The bulk, or 66 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that Miklos C. Vasarhelyi owned at least one commercial property with 13 residential units in New York City with 10,410 square feet and a city-determined market value of $938,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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