Namdar, Klosed pay $5M for 22-unit rental in Washington Heights through bankruptcy

Namdar Realty Group and Klosed Properties through the entity 651 W 169 Bh LLC paid $5 million through a bankruptcy for the 22-unit residential elevator building (D7) at 651 West 169th Street in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on July 28, 2025 and was recorded on September 15, 2025. The property has 19,380 square feet of built space and 5,656 square feet of additional air rights for a total buildable of 25,037 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $257 and the price per buildable square foot is $199 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 the bankruptcy filed by Nancy J. Haber was David Goldwasser . The signatory for Namdar Realty Group and Klosed Properties was Igal Namdar and Steven Kashanian . The contract date was July 28, 2025.

The prior owner was Nancy J. Haber who placed the property in bankruptcy in the Southern District of New York, through index number 23-11924-jpm.

The sale was brokered by Greg Corbin and Felix Ades of Northgate Real Estate Group.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Namdar Realty Group purchased seven properties in six transactions for a total of $124 million and sold seven properties in four transactions for a total of $145 million over the past 24 months.
The seller Nancy J. Haber 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 Goldwasser, individual owner and Brian Dulitz, agent. The 19,380-square-foot property generated revenue of $441,384 or $23 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 22 residential units in Washington Heights has 19,380 square feet of built space and 5,656 square feet of additional air rights for a total buildable of 25,037 square feet according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 80 feet deep with a total lot size of 4,159 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.9 million. The property has 21 rent regulated units according to city tax records from 2023.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on December 4, 2023, by Nancy J. Haber citing assets of $8 million. In addition, according to city public data, the property has received one DOB violation and $1,430 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 four of the 21 commercial properties representing 3,866,811 square feet of the 4,546,044 square feet. The largest owner is Newyork-Presbyterian Hospital, followed by Elysee Investment Corp and then Columbia University.
On the tax block, there were two new building construction projects totaling 763,329 square feet. The largest is a 507,119 square-foot 56 building submitted by New York-Presbyterian Hospital and filed by Benedict Ciferri with plans filed August 2, 2024 and permitted July 21, 2025. The second largest is a 132-unit, 256,210 square-foot residential (R-2) building submitted by NewYork-Presbyterian Hospital and filed by Joseph Ienuso with plans filed April 20, 2020 and it has not been permitted yet.

The majority, or 88 percent of the 4.5 million square feet of built space are specialty buildings, with elevator buildings next occupying 7 percent of the space.

The seller

The PincusCo database currently indicates that Nancy J. Haber owned at least one commercial property with 20 residential units in New York City with 11,405 square feet and a city-determined market value of $4.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 74 commercial properties with 965 residential units in New York City with 1,913,877 square feet and a city-determined market value of $408 million. (Market value is typically about 50% of actual value.) The portfolio has $72.6 million in debt, with top three lenders as Signature Bank, Ladder Capital, and 2651 Broadway Partners LLC respectively. Within the portfolio, the bulk, or 38 percent of the 1,913,877 square feet of built space are office properties, with walkup properties next occupying 22 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Bronx next at 15 percent of the space.
The PincusCo database currently indicates that Klosed Properties owned at least 64 commercial properties with 862 residential units in New York City with 1,093,401 square feet and a city-determined market value of $163.5 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 35 percent of the 1,093,401 square feet of built space are walkup properties, with elevator properties next occupying 32 percent of the space. The bulk, or 55 percent of the built space, is in Manhattan, with Bronx next at 26 percent of the space.

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