Park Avenue South Mgmt pays $8M to C Uptown Realty for rental in Washington Heights

Park Avenue South Management through the entity 51-59 Bennett Ave. LLC paid $8 million to C Uptown Realty through the entity 51 Realty Co, LLC for 49-unit rental (D1) at 51 Bennett Avenue in Washington Heights, Manhattan.
The deal closed on October 28, 2021 and was recorded on November 3, 2021.
The property has 36,565 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $218 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 C Uptown Realty was Robert P. Candee. The signatory for Park Avenue South Management was Richard Herman.

The former owners according to the Department of Housing Preservation and Development included Robert Candee, head officer and Jose Torres, site manager. The business entity is 51 Realty Co Llc.

Within a 400-foot radius of 51 Bennett Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on April 17, 2020 for the $400,000 renovation of the A-2 building with 54 residential units at 4300 Broadway.
One of those three items was a sale which Amalgamated Bank bought the development site (V1) on WEST 184th Street and two other properties for $16.9 million from Rutherford ‘Ruddy’ Thompson (lost in bankruptcy) on February 24, 2020.
One of those three items was a loan which Alfred Sayegh borrowed $10.1 million from JPMorgan Chase secured by the 56,300-square-foot, 74-unit rental (C7) on 4321 Broadway on February 28, 2020.

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