Two80, Antonios Dagounakis pay $6.1M for 40-unit walkup in Washington Heights

Jesse Deutch’s Two80 Real Estate Ventures and Antonios Dagounakis through the entity 712 West 176 Realty LLC paid $6.1 million to Enterprise Asset Management through the entity 712 W 176 LLC for the 40-unit residential walkup building (C1) at 712 West 176th Street in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on October 30, 2024 and was recorded on November 4, 2024. The property has 34,490 square feet of built space and 25,700 square feet of additional air rights for a total buildable of 60,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $176 and the price per buildable square foot is $101 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 October 17, 2011, for $5.3 million. The signatory for Enterprise Asset Management was Howard Trachtenberg. The signatories for Two80 Real Estate Ventures and Antonios Dagounakis were Jesse Deutch and Antonios Dagounakis. The contract date was August 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Two80 Real Estate Ventures purchased five properties in five transactions for a total of $34.4 million and sold one property in one transaction for a total of $2.7 million over the past 24 months.
The seller Enterprise Asset Management 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 Howard Trachtenberg, head officer and Michael Martino, officer. The business entities are R.E.M. Residential and 712 West 176 Llc.

The property

The residential walkup building with 40 residential units in Washington Heights has 34,490 square feet of built space and 25,700 square feet of additional air rights for a total buildable of 60,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4 million. The property has 40 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 $1,250 in ECB penalties 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 35 of the 45 commercial properties representing 1,704,035 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 buyer

The PincusCo database currently indicates that Two80 Real Estate Ventures owned at least 17 commercial properties with 427 residential units in New York City with 346,901 square feet and a city-determined market value of $28.1 million. (Market value is typically about 50% of actual value.) The portfolio has $19.4 million in debt, with top three lenders as Dime Community Bank, Urban Standard Capital, and Ridgewood Savings Bank respectively. Within the portfolio, the bulk, or 97 percent of the 346,901 square feet of built space are walkup properties, with M4 properties next occupying 3 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Antonios Dagounakis owned at least three commercial properties with 23 residential units in New York City with 19,630 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Queens.

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