PH Realty Capital, Rockledge pays $11.6M to Sentinel for 74-unit rental in Washington Heights

PH Realty Capital and Rockledge through the entity 4101 Broadway Owner LLC paid $11.6 million to Sentinel Real Estate through the entity Broadway Towers Nyc, LLC for the 74-unit residential elevator building (D4) at 4101 Broadway in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on September 20, 2024 and was recorded on September 26, 2024. The property has 78,425 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $147 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 March 3, 2015, for $42 million. The signatory for Sentinel Real Estate was Michael Gershman. The signatory for PH Realty Capital and Rockledge was Peter Hungerford. The contract date was December 8, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer PH Realty Capital purchased 18 properties in 13 transactions for a total of $135.2 million and has no record it sold any properties over the past 24 months.
The seller Sentinel Real Estate had not purchased any other properties and sold 20 properties in 20 transactions for a total of $174.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Brian Ritter, head officer and Ally Perez, site manager. The business entities are Rose Property Mgmt Grp Llc and Broadway Towers Nyc Llc.

The property

The residential elevator building with 74 residential units in Washington Heights has 78,425 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 52 feet and is 167 feet deep with a total lot size of 7,900 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 property has 58 rent regulated units according to city tax records from 2023.

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 three DOB violations, 26 housing violations, and $1,600 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 34 of the 45 commercial properties representing 1,678,635 square feet of the 2,059,257 square feet. The largest owner is Nyc Department Of Education, followed by Alma Realty and then Bldg Management.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 2.1 million square feet of built space are elevator buildings, with walkup buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Sentinel Real Estate owned at least six commercial properties with 337 residential units in New York City with 368,382 square feet and a city-determined market value of $25.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 368,382 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that PH Realty Capital owned at least 48 commercial properties with 1,657 residential units in New York City with 1,457,029 square feet and a city-determined market value of $167.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 1,457,029 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.
The PincusCo database currently indicates that Rockledge owned at least 14 commercial properties with 851 residential units in New York City with 789,681 square feet and a city-determined market value of $73.7 million. (Market value is typically about 50% of actual value.) The portfolio has $17.8 million in debt, borrowed from Edgewood Capital Advisors and Bethpage Federal Credit Union. Within the portfolio, the bulk, or 87 percent of the 789,681 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 54 percent of the built space, is in Brooklyn, with Manhattan next at 46 percent of the space.

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