MSA Investments pays $5.2M to Abro Management for retail in Inwood

MSA Investments, led by Muhammed Sultan Andha, through the entity 141-143 Sherman Ave LLC paid $5.2 million to Abro Management through the entity 141 Sherman LLC for the retail building (K1) at 141 Sherman Avenue in Inwood, Manhattan.
The deal closed on July 2, 2024 and was recorded on July 29, 2024. The property has 10,000 square feet of built space and 33,986 square feet of additional air rights for a total buildable of 43,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $520 and the price per buildable square foot is $118 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 July 28, 2014, for $5.1 million. The signatory for Abro Management was Richard Scharf. The signatory for MSA Investments was Muhammed Sultan Andha. The contract date was January 11, 2024. The sale was financed with a purchase money mortgage from Abro.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer MSA Investments purchased one property in one transaction for a total of $3.8 million and has no record it sold any properties over the past 24 months.
The seller Abro Management purchased one properties in one transactions for a total of $3.7 million and sold one properties in one transactions for a total of $6.3 million over the same time period.

The property

The retail building in Inwood has 10,000 square feet of built space and 33,986 square feet of additional air rights for a total buildable of 43,996 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 110 feet deep with a total lot size of 10,999 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 $1.9 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 $1,460 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 $84.7 million in sales volume in the last two years. For development, Inwood has 1.4 times the average amount of major developments relative to other neighborhoods and is the 22nd 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 three of the eight commercial properties representing 143,649 square feet of the 427,536 square feet. The largest owner is Coney Realty Group, followed by George Huang and then Michael Aryeh.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 427,536 square feet of built space are elevator buildings, with walkup buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Abro Management owned at least 47 commercial properties with 2,648 residential units in New York City with 2,578,787 square feet and a city-determined market value of $330.7 million. (Market value is typically about 50% of actual value.) The portfolio has $173.9 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Northfield Bank respectively. Within the portfolio, the bulk, or 94 percent of the 2,578,787 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that MSA Investments owned at least one commercial property in New York City with 15,582 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Bronx.

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