Parkway Realty pays $6.8M to Nayabel Realty for rental in Washington Heights

Parkway Realty Associates through the entity Bway187 LLC paid $6.8 million to Nayabel Realty & Management through the entity 675 West 187th Street Co., L.P. for 35-unit rental (D7) at 675 West 187th Street in Washington Heights, Manhattan.
The deal closed on July 28, 2021 and was recorded on August 9, 2021.
The property has 32,187 square feet of built space and 0 square feet of additional air rights for a total buildable of 21,637 square feet according to PincusCo analysis of city data. The sale price per built square foot is $211 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 Nayabel Realty & Management was Maria Lescaille-Cespedes. The signatory for Parkway Realty Associates was Eric Miller.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $151,500.
Eric Miller controls Parkway.
The former owners according to the Department of Housing Preservation and Development includes Maria Cespedes, head officer and Isidoro Ptachewich, officer. The business entity was Partnership/675 West 187 St Company Lp.

Within a 400-foot radius of 675 West 187th Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Two80 Real Estate Ventures bought the 43,575-square-foot, 49-unit rental (C1) on 258 Wadsworth Avenue for $8.0 million from Maria Lescaille-Cespedes on July 13, 2021.
One of those two items was a loan which Pinnacle Group borrowed $7.5 million from New York Community Bank secured by the 70,310-square-foot, 84-unit rental (C1) on 281 Wadsworth Avenue on May 18, 2020.

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