PH Realty, Rockledge pay $54.8M to Sentinel for Upper Manhattan rentals, part of $179M deal

Peter Hungerford’s PH Realty Capital and David Kaye and Joe Listhaus’s Rockledge CRE paid $54.8 million to Sentinel Real Estate for six rental buildings in Upper Manhattan with a total of approximately 332 apartments in six separate transactions. These are the first sales recorded in an overall transaction valued at $179 million for 24 rental buildings the partnership is buying from Sentinel Real Estate, according to sources familiar with the transaction.

The larger purchase is in two parts, with the first 12 buildings closing on July 12 for $104 million and the second 12 buildings to close in mid-August for $75 million. The brokers were Ryan Perkoski and John Martisch of RPR Ventures and Amit Doshi of Meridian Capital Group. 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.

In the first of the six recorded yesterday, PH Realty Capital and Rockledge through the entity 725 West 184th Street Owner LLC paid $14 million to Sentinel Real Estate through the entity 725 West 184th Street Apartments LLC for the 78-unit residential elevator building (D1) at 725 West 184th Street in Washington Heights, Manhattan.
The deal closed on July 12, 2024 and was recorded on July 22, 2024. The property has 70,692 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $198 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 April 3, 2019, for $23.4 million.

In the second, PH Realty Capital and Rockledge through the entity 66-74 St. Nicholas Place Owner LLC paid $11.6 million to Sentinel Real Estate through the entity 66 St. Nicholas Place LLC for the 85-unit residential elevator building (D1) at 66-74 St. Nicholas Place in Harlem, Manhattan. The deal closed on July 12, 2024 and was recorded on July 22, 2024. The property has 63,132 square feet of built space and 27,150 square feet of additional air rights for a total buildable of 90,300 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $183 and the price per buildable square foot is $128 per the PincusCo analysis
The seller bought the property on June 25, 2013, for $10.2 million

In the third, PH Realty Capital and Rockledge through the entity 110 Bennett Avenue Owner LLC paid $10.4 million to Sentinel Real Estate through the entity 110 Bennett Apartments LLC for the 53-unit residential elevator building (D1) at 110 Bennett Avenue in Washington Heights, Manhattan. The deal closed on July 12, 2024 and was recorded on July 22, 2024. The property has 50,568 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $205 per the PincusCo analysis.
The seller bought the property on April 3, 2019, for $18.4 million.

In the fourth, PH Realty Capital and Rockledge through the entity 75 St. Nicholas Place Owner LLC paid $10.1 million to Sentinel Real Estate through the entity 75 St. Nicholas Place LLC for the 61-unit residential elevator building (D3) at 75 St. Nicholas Place in Harlem, Manhattan. The deal closed on July 12, 2024 and was recorded on July 22, 2024. The property has 76,830 square feet of built space and 127 square feet of additional air rights for a total buildable of 76,947 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $131 and the price per buildable square foot is $131 per the PincusCo analysis.

In the fifth, PH Realty Capital and Rockledge through the entity 76 St. Nicholas Place Owner LLC paid $4.4 million to Sentinel Real Estate through the entity 76 St. Nicholas Place LLC for the 31-unit residential walkup building (C1) at 76 St. Nicholas Place in Harlem, Manhattan. The deal closed on July 12, 2024 and was recorded on July 22, 2024. The property has 26,155 square feet of built space and 18,972 square feet of additional air rights for a total buildable of 45,143 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $168 and the price per buildable square foot is $97 per the PincusCo analysis.
The seller bought the property on June 25, 2013, for $3.5 million.

In the sixth, PH Realty Capital and Rockledge through the entity 853 St. Nicholas Avenue Owner LLC paid $4.3 million to Sentinel Real Estate through the entity 853 St. Nicholas Avenue LLC for the 24-unit residential elevator building (D1) at 853 St. Nicholas Avenue in Harlem, Manhattan. The deal closed on July 12, 2024 and was recorded on July 22, 2024. The property has 24,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $177 per the PincusCo analysis.
The seller bought the property on November 15, 2013, for $5.5 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer PH Realty Capital purchased six properties in one transaction for a total of $33.6 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 eight properties in eight transactions for a total of $72.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Brian Ritter, head officer and Sebastian Acosta, agent. The business entities are Rose Property Mgmt Grp Llc and 725 West 184th Street Apartments, Llc.

The property

The residential elevator building with 78 residential units in Washington Heights has 70,692 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 203 feet deep with a total lot size of 18,874 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.7 million.

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 57 housing violations, $840 in OATH penalties, and three housing litigations 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 39 of the 81 commercial properties representing 1,737,281 square feet of the 3,570,601 square feet. The largest owner is Viking Management, followed by Urban American Management and then Alfred Sayegh.
On the tax block, there were two new building construction projects. The largest is a 164-unit residential (R-2) building submitted by Nathan Shapiro with plans filed October 20, 2022 and it has not been permitted yet.

The majority, or 83 percent of the 3.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Sentinel Real Estate owned at least 14 commercial properties with 818 residential units in New York City with 819,401 square feet and a city-determined market value of $71 million. (Market value is typically about 50% of actual value.) The portfolio has $31.7 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 95 percent of the 819,401 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 77 percent of the built space, is in Brooklyn, with Manhattan next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that PH Realty Capital owned at least 36 commercial properties with 931 residential units in New York City with 767,363 square feet and a city-determined market value of $101.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 55 percent of the 767,363 square feet of built space are walkup properties, with elevator properties next occupying 45 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Bronx next at 41 percent of the space.
The PincusCo database currently indicates that Rockledge owned at least two commercial properties with 125 residential units in New York City with 100,015 square feet and a city-determined market value of $8.2 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 54 percent of the 100,015 square feet of built space are walkup properties, with elevator properties next occupying 46 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Brooklyn next at 46 percent of the space.

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