PH Realty Capital pays $8.8M to Adrian Longo for residential walkups in Washington Heights

PH Realty Capital through the entity Heights 170 Property Owner LLC paid $8.8 million to Adrian Longo through the entity Ronad Holding Corp. for 33-unit residential walkup building at 617 West 170th Street in Washington Heights, Manhattan and for 33-unit residential walkup building at 623 West 170th Street in Washington Heights, Manhattan.
The deal closed on December 30, 2021 and was recorded on January 18, 2022.
The properties have 60,040 square feet of built space and 39,800 square feet of additional air rights for a total buildable of 88,834 square feet according to PincusCo analysis of city data. The sale price per built square foot is $146 and the price per buildable square foot is $88 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 Adrian Longo was Adrian Longo. The signatory for PH Realty Capital was Peter Hungerford.
Prior to this transaction, the buyer PH Realty Capital purchased one properties in one transactions for a total of $3.7 million and had not sold any properties over the past 24 months.

Peter Hungerford is founder and managing partner of PH Realty Capital.
In Washington Heights, the majority, or 49 percent of the 78 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Washington Heights has 1.3 times the average sales volume in the city with $366.7 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Washington Heights has near average amount of major developments in the city and is the 19th highest in Manhattan. It had 1 million square feet of commercial construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 64 percent of the 2.4 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 28 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Louise Mancino, head officer and Adrian Longo, officer. The business entity is Ronad Holding Corp.
Within a 400-foot radius of 617 West 170th Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit application filed on April 20, 2020 for a 238,141-square-foot R-2 building with 132 residential units at 611 West 169th St.
Of those five items, two were sales above $5 million totaling $11 million. The most recent of the two was Christos Spyropoulos which bought the 22,585-square-foot, 25-unit rental (C1) on 636 West 172nd Street for $5 million from Alfred Sayegh on February 1, 2021.
Of those five items, two were loans above $5 million totaling $22.4 million. The most recent of the two was Sky Management which borrowed $9.4 million from Signature Bank secured by the 36,306-square-foot, 44-unit rental (C7) on 4060 Broadway on May 27, 2021.

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