Two80 Real Estate pays $16.9M to Scharfman for 87-unit rental in Washington Heights

Two80 Real Estate Ventures through the entity 1 Arden Realty LLC paid $16.9 million to the Scharfman Organization through the entity One Arden Partners, LP for the mixed-used building (D7) with 87 residential units and eight retail units at 126 Nagle Avenue in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on December 2, 2025 and was recorded on December 3, 2025. The property has 66,056 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $255 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 Scharfman Organization was Louis Malone . A signatory for Two80 Real Estate Ventures was Jesse Deutch . The contract date was September 24, 2025.

The Scharfman family has owned the property for just over 30 years, with the purchase in October 1995.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Two80 Real Estate Ventures purchased nine properties in nine transactions for a total of $50.5 million and sold one property in one transaction for a total of $2.7 million over the past 24 months.
The seller Scharfman Organization had not purchased any other properties and sold six properties in six transactions for a total of $57.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mark Scharfman, head officer and Dio Delrosario, site manager. The business entity is One Arden Partners Lp. The 66,056-square-foot property generated revenue of $2.2 million or $33 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 87 residential units in Washington Heights has 66,056 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 134 feet deep with a total lot size of 14,740 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2017 and expires in 2051. The city-designated market value for the property in 2022 is $9.8 million. The property has 86 rent regulated units according to city tax records from 2022.

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 26 housing violations and $3,640 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 48 of the 72 commercial properties representing 1,319,748 square feet of the 1,835,311 square feet. The largest owner is Jem Realty Management, followed by Alma Realty and then Scharfman Organization.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 1.8 million square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Scharfman Organization owned at least 128 commercial properties with 3,639 residential units in New York City with 2,858,906 square feet and a city-determined market value of $640.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 2,858,906 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

The buyer

The PincusCo database currently indicates that Two80 Real Estate Ventures owned at least 23 commercial properties with 601 residential units in New York City with 490,136 square feet and a city-determined market value of $46.6 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 98 percent of the 490,136 square feet of built space are walkup properties, with M4 properties next occupying 2 percent of the space. They are all located in Manhattan.

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