Shlomo Lehrman pays $8M to nursing home investor for dev site in Washington Heights

Shlomo Lehrman through the entity Cozy Terrace LLC paid $8 million to Helen Webster through the entity Sheffah Development Group LLC for the development site (V1) with the approximate address of 301 Wadsworth Terrace in Washington Heights, Manhattan.
The deal closed on July 9, 2024 and was recorded on July 25, 2024. The property has zero square feet of built space and 44,720 square feet of additional air rights for a total buildable of 44,720 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $178 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 November 1, 2016, for $7.5 million. The signatory for Helen Webster was Helen Webster. The signatory for Shlomo Lehrman was Shlomo Lehrman. The contract date was July 9, 2024. Helen Webster is a co-owner of a nursing home, along with Benjamin, Boruch, Moshe and Yecheskel Webster. Shlomo Lehrner is with Centers Health Care.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shlomo Lehrman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Helen Webster had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 260 feet and is 50 feet deep with a total lot size of 13,000 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 $2.2 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 $6,250 in ECB penalties and $6,250 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 neighborhood

In Washington Heights, The bulk, or 45 percent of the 66 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Washington Heights has 1.3 times the average sales volume among other neighborhoods with $355.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Washington Heights has 1.6 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 42 of the 88 commercial properties representing 1,612,672 square feet of the 2,638,389 square feet. The largest owner is Alma Realty, followed by Chaim Simkowitz and then United States Postal Service.
On the tax block, there were six new building construction projects totaling 349,763 square feet. The largest is a 123-unit, 135,361 square-foot residential (R-2) building submitted by Woody Victor with plans filed October 4, 2017 and it has not been permitted yet. The second largest is a 164-unit, 107,137 square-foot residential (R-2) building submitted by RiseBoro Community Partnership and filed by Ryan Cassidy with plans filed June 7, 2019 and permitted February 18, 2021.

The majority, or 64 percent of the 2.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Helen Webster owned at least one commercial property in New York City with 80,844 square feet and a city-determined market value of $11.2 million. (Market value is typically about 50% of actual value.) The portfolio has $13.8 million in debt, borrowed from Housing & Healthcare Finance, LLC. The portfolio consists of at least a single specialty property. It is located in Bronx.

Direct link to Acris document. link