Miklos Vasarhelyi pays $6.3M to Barberry Rose for 40-unit rental in Washington Heights

Miklos Vasarhelyi through the entity 247 Audubon Ny LLC paid $6.3 million to Barberry Rose Management through the entity Stf 247 Audubon Avenue Holding LLC for the 40-unit residential elevator building (D7) at 247 Audubon Avenue in Washington Heights, Manhattan.
The deal closed on December 21, 2023 and was recorded on December 28, 2023. The property has 49,380 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $128 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 June 25, 2018, for $13.7 million. The signatory for Barberry Rose Management was Lewis M. Barbanel. The signatory for Miklos Vasarhelyi was Miklos Vasarhelyi. The contract date was April 24, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Miklos Vasarhelyi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Barberry Rose Management had not purchased any other properties and sold 28 properties in 26 transactions for a total of $106.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Silverman, head officer and Lewis Barbanel, officer. The business entities are Barberry Rose Management Co. Inc. and Stf 247 Audubon Avenue Holding Llc.

The property

The residential elevator building with 40 residential units in Washington Heights has 49,380 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 107 feet and is 100 feet deep with a total lot size of 10,470 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 $3 million.

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 two DOB violations, $11,905 in ECB penalties, 140 housing violations, and $15,430 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 24 of the 32 commercial properties representing 588,181 square feet of the 844,441 square feet. The largest owner is Steven Herrera, followed by Prana Investments and then Parsauram Shiwdin.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 844,441 square feet of built space are walkup buildings, with elevator buildings next occupying 46 percent of the space.

The seller

The PincusCo database currently indicates that Barberry Rose Management owned at least one commercial property with 47 residential units in New York City with 53,700 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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