Samuel Schreiber pays $4M to Guillermo Garcia for 20-unit walkup in Washington Heights

Samuel Schreiber through the entity 502 West 170th Street, LLC paid $4 million to Guillermo Garcia through the entity 502170tgc, LLC for the midblock 20-unit residential walkup building at 502-504 West 170th Street in Washington Heights, Manhattan.
The deal closed on April 21, 2022 and was recorded on April 29, 2022.The property has 16,350 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $241 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 Guillermo Garcia was Guillermo Garcia. The signatory for Samuel Schreiber was Samuel Schreiber.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Samuel Schreiber had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Guillermo Garcia had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Guillermo Garcia, head officer and Lorraine Garcia, officer. The business entities are Cff Consultant Inc and 502170tgc, Llc. The 16,350-square-foot property generated revenue of $366,157 or $22 per square foot, according to the most recent income and expense figures.

The property

The 502-504 West 170th Street parcel has frontage of 50 feet and is 95 feet deep with a total lot size of 4,750 square feet. 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 $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Washington Heights, the bulk, or 49 percent of the 78 million square feet of commercial 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 among other neighborhoods 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 among other neighborhoods and is the 19th highest in Manhattan. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 19 commercial properties representing 41,109 square feet of the 282,199 square feet. The largest owner is Columbia University, followed by Denali Management and then City Skyline Realty. There are no active new building construction projects on this tax block.

the majority, or 67 percent of the 371,485 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Samuel Schreiber owned at least three commercial properties with 34,650 square feet and a city-determined market value of $8.4 million. (Market value is typically about 50% of actual value.) The portfolio has $5.8 million in debt, borrowed from First Republic Bank. Within the portfolio, all identified are residential walkup properties. They are all located in Manhattan.

Surrounding

Within a 400-foot radius of 502-504 West 170th Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $15.8 million. The most recent of the two was Eric Miller which borrowed $6.8 million from New York Community Bank secured by the 24,624-square-foot, 33-unit rental (C7) on 2224 Amsterdam Avenue and one other property on February 16, 2022.

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