Two80 Real Estate pays $3.9M to Stellar for 26-unit walkup in Washington Heights
Two80 Real Estate Ventures through the entity 246 Wadsworth Realty LLC paid $3.9 million to Stellar Management through the entity Two Forty Six Wadsworth Associates for the 26-unit residential walkup building (C1) at 248 Wadsworth Avenue in Washington Heights, Manhattan.
The deal closed on July 17, 2024 and was recorded on July 22, 2024. The property has 20,810 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $189 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 Stellar Management was Matthew Lembo. The signatory for Two80 Real Estate Ventures was Jesse Deutch. The contract date was March 31, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Two80 Real Estate Ventures purchased three properties in three transactions for a total of $20.5 million and sold one property in one transaction for a total of $2.7 million over the past 24 months.
The seller Stellar Management purchased one property in one transaction for a total of $133.3 million and sold one property in one transactios for a total of $84.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Smajlje Srdanovic, head officer and Ramses Capellan, officer. The business entity is Two Forty Six Wadsworth.
The property
The residential walkup building with 26 residential units in Washington Heights has 20,810 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 115 feet deep with a total lot size of 5,649 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 $1.6 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 three DOB violations, $4,800 in ECB penalties, four housing violations, and $5,150 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 nine of the 11 commercial properties representing 399,186 square feet of the 427,235 square feet. The largest owner is Two80 Real Estate Ventures, followed by Stellar Management and then Park-It Management.
There are no active new building construction projects on this tax block.
The majority, or 36 percent of the 427,235 square feet of built space are walkup buildings, with specialty buildings next occupying 26 percent of the space.
The seller
The PincusCo database currently indicates that Stellar Management owned at least 83 commercial properties with 7,815 residential units in New York City with 10,290,759 square feet and a city-determined market value of $1.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.2 billion in debt, with top three lenders as Goldman Sachs, New York Community Bank, and Helaba respectively. Within the portfolio, the bulk, or 76 percent of the 10,290,759 square feet of built space are elevator properties, with office properties next occupying 8 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Bronx next at 11 percent of the space.
The buyer
The PincusCo database currently indicates that Two80 Real Estate Ventures owned at least 15 commercial properties with 334 residential units in New York City with 269,648 square feet and a city-determined market value of $23.7 million. (Market value is typically about 50% of actual value.) The portfolio has $12.8 million in debt, borrowed from Dime Community Bank and Ridgewood Savings Bank. Within the portfolio, the bulk, or 96 percent of the 269,648 square feet of built space are walkup properties, with M4 properties next occupying 4 percent of the space. They are all located in Manhattan.
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