Seastone Capital, Benedict pay $9.2M to Urban American for 84-unit rental in Washington Heights

Seastone Capital and Benedict Realty Group through the entity 515w168 L.P. paid $9.2 million to Urban American Management through the entity 515 West 168th Street, LLC for the 84-unit residential elevator building (D1) at 515 West 168th Street in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on February 12, 2026 and was recorded on February 17, 2026. The property has 40,185 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $230 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 December 6, 2016, for $18.2 million. The signatory for Urban American Management was Joshua Eisenberg . The signatory for Seastone Capital , Bendict Realty Group, and Aaron Jungreis was Adam Goodstein . The contract date was December 9, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Seastone Capital purchased four properties in four transactions for a total of $30.9 million and has no record it sold any properties over the past 24 months.
The seller Urban American Management purchased three properties in two transactions for a total of $330.1 million and sold two properties in two transactions for a total of $326.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Anoinette Travaglino, head officer and Jana Schmidt, officer. The business entity is 515 West 168th Street, Llc. The 40,185-square-foot property generated revenue of $1.6 million or $41 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 84 residential units in Washington Heights has 40,185 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 95 feet deep with a total lot size of 9,500 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 $6.5 million. The property has 81 rent regulated units according to city tax records from 2024.

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 $80 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 four of the 16 commercial properties representing 158,049 square feet of the 267,825 square feet. The largest owner is City Of New York, followed by Urban American Management and then Jeno Guttmann.
On the tax block, there were two new building construction projects totaling 21,084 square feet. The largest is a 13,856 square-foot business (B) building submitted by Marino Torres with plans filed November 15, 2017 and permitted October 25, 2019. The second largest is a eight-unit, 7,228 square-foot residential (R-2) building submitted by Misra Group and filed by Chuck Arnold with plans filed November 26, 2025 and it has not been permitted yet.

The majority, or 50 percent of the 267,825 square feet of built space are walkup buildings, with specialty buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Urban American Management owned at least 16 commercial properties with 919 residential units in New York City with 692,156 square feet and a city-determined market value of $97.7 million. (Market value is typically about 50% of actual value.) The portfolio has $196.6 million in debt, with top three lenders as MetLife, New York Community Bank, and Spencer Savings Bank respectively. Within the portfolio, the bulk, or 69 percent of the 692,156 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. The bulk, or 42 percent of the built space, is in Queens, with Manhattan next at 37 percent of the space.

The buyer

The PincusCo database currently indicates that Aaron Jungreis owned at least 36 commercial properties with 1,019 residential units in New York City with 927,245 square feet and a city-determined market value of $94.5 million. (Market value is typically about 50% of actual value.) The portfolio has $64.3 million in debt, with top three lenders as Community Preservation Corporation, Customers Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 67 percent of the 927,245 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Manhattan next at 38 percent of the space.
The PincusCo database currently indicates that Seastone Capital owned at least four commercial properties with 153 residential units in New York City with 145,436 square feet and a city-determined market value of $14.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 145,436 square feet of built space are walkup properties, with elevator properties next occupying 35 percent of the space. The bulk, or 50 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

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