Two80 Real Estate, John Pantanelli pay $8.6M for 2 walkups in Washington Heights

Two80 Real Estate Ventures and John Pantanelli paid $8.6 million for two walkups in Washington Heights in two transactions.

In the larger transaction, Two80 Real Estate Ventures and John Pantanelli through the entity 66 Pinehurst Realty LLC paid $4.4 million to the entity Pinehurst Equities LLC for the 21-unit residential walkup building (C1) at 66 Pinehurst Avenue in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on September 11, 2025 and was recorded on September 12, 2025. The property has 18,480 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $236 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.)

In the second, Two80 Real Estate Ventures and John Pantanelli through the entity 600 West 187 Realty LLC paid $4.2 million to the entity Hilltop Holdings LLC for the 23-unit residential walkup building (C7) at 600 West 187th Street in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on September 11, 2025 and was recorded on September 12, 2025. The property has 23,415 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $180 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 30, 2013, for $1.8 million.

The sellers were Ernest Megdanis, Katherine Kladopoulos, Nicholas Megdanis, and Angela Megdanis. The signatory for Two80 Real Estate Ventures and John Pantanelli was Jesse Deutch and John P. Pantanelli . The contract date was May 15, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Two80 Real Estate Ventures purchased seven properties in seven transactions for a total of $42.9 million and sold one property in one transaction for a total of $2.7 million over the past 24 months.
The seller Ernest Megdanis 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 Nicholas Megdanis, head officer and Ernest Megdanis, officer. The business entities are J&M Realty Services and Pinehurst Equities Llc. The 18,480-square-foot property generated revenue of $548,701 or $30 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 21 residential units in Washington Heights has 18,480 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 111 feet deep with a total lot size of 5,125 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 $2.1 million. The property has 11 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 $1,500 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 19 of the 36 commercial properties representing 809,132 square feet of the 1,188,826 square feet. The largest owner is Edel Family Management, followed by Olshan Properties and then Moe Greenzweig.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 1.2 million square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.

The buyer

The PincusCo database currently indicates that Two80 Real Estate Ventures owned at least 19 commercial properties with 481 residential units in New York City with 389,991 square feet and a city-determined market value of $33.8 million. (Market value is typically about 50% of actual value.) The portfolio has $25.8 million in debt, with top three lenders as Dime Community Bank, Urban Standard Capital, and International Finance Bank respectively. Within the portfolio, the bulk, or 97 percent of the 389,991 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 John Pantanelli owned at least two commercial properties with 83 residential units in New York City with 99,284 square feet and a city-determined market value of $7.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 99,284 square feet of built space are walkup properties, with industrial properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

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