M&N Management pays $6.3M for 48-unit rental in Inwood, was $15.8M in 2015

UPDATED 12:06 p.m., September 5, 2025: The Drakatos family’s M&N Management through the entity 125 Seaman LLC paid $6.3 million to East Coast Management through the entity Seaman Bahman Capital LLC for the 48-unit residential elevator building (D1) at 125 Seaman Avenue in Inwood, Manhattan. The expected use is cash flowing.
The deal closed on August 14, 2025 and was recorded on September 4, 2025. The property has 42,108 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $149 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 August 18, 2015, for $15.8 million. The signatory for East Coast Management was David Eshaghpour . The signatory for M&N Management was Markos Drakotos . The contract date was May 20, 2025.

The sale was brokered by Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer M&N Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller East Coast Management had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Eshaghpour, head officer and Bryan Ramirez, site manager. The business entity is Seaman Bahman Capital Llc. The 42,108-square-foot property generated revenue of $1 million or $24 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 48 residential units in Inwood has 42,108 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 million. New York Community Bank on December 27, 2019 bought a loan with an original principal of from signed by David Eshaghpour, secured by 125 Seaman Avenue, when owned by East Coast Management. The property has 46 rent regulated units according to city tax records from 2023.

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 53 housing violations and $300 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 three of the six commercial properties representing 121,009 square feet of the 168,211 square feet. The largest owner is David Eshaghpour, followed by Bronstein Properties and then A&E Real Estate Holdings.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 168,211 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that East Coast Management owned at least nine commercial properties with 372 residential units in New York City with 504,231 square feet and a city-determined market value of $44.5 million. (Market value is typically about 50% of actual value.) The portfolio has $75.7 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 92 percent of the 504,231 square feet of built space are elevator properties, with office properties next occupying 8 percent of the space. The bulk, or 91 percent of the built space, is in Manhattan, with Queens next at 9 percent of the space.

UPDATED with broker information.

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