Two80 Real Estate pays $5M for 36-unit walkup in Washington Heights

Two80 Real Estate Ventures through the entity 120 Haven Realty LLC paid $5 million to Marina Kafarski through the entity Hudson Cliff Realty, L.L.C. for the 36-unit residential walkup building (C1) at 120 Haven Avenue in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on May 28, 2026 and was recorded on June 3, 2026. The property has 25,755 square feet of built space and 54,523 square feet of additional air rights for a total buildable of 80,252 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $195 and the price per buildable square foot is $62 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 Marina Kafarski was Marina Kafarski. The signatory for Two80 Real Estate Ventures was Jesse Deutch . The contract date was March 6, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Two80 Real Estate Ventures purchased 10 properties in 10 transactions for a total of $65.7 million and has no record it sold any properties over the past 24 months.
The seller Marina Kafarski 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 Marina Kafarski, head officer and Bill Hirmes, agent. The business entities are Langsam Prop. Serv. Corp. and Hudson Cliff Realty Llc. The 25,755-square-foot property generated revenue of $778,966 or $30 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 36 residential units in Washington Heights has 25,755 square feet of built space and 54,523 square feet of additional air rights for a total buildable of 80,252 square feet according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 135 feet deep with a total lot size of 13,331 square feet. The lot is irregular. 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 $3.5 million. The property has 33 rent regulated units according to city tax records from 2024.

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 $200 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 34 of the 56 commercial properties representing 5,010,581 square feet of the 6,451,320 square feet. The largest owner is Columbia University, followed by NewYork-Presbyterian Hospital and then A&E Real Estate Holdings.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 6.5 million square feet of built space are specialty buildings, with elevator buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Marina Kafarski owned at least two commercial properties with 72 residential units in New York City with 55,005 square feet and a PincusCo-determined asset value of $10.6 million. Within the portfolio, all identified are walkup properties.

The buyer

The PincusCo database currently indicates that Two80 Real Estate Ventures owned at least 25 commercial properties with 715 residential units in New York City with 580,902 square feet and a PincusCo-determined asset value of $129.9 million. The portfolio has $38.5 million in debt, with top three lenders as JPMorgan Chase, Dime Community Bank, and Urban Standard Capital respectively. Within the portfolio, the bulk, or 86 percent of the 580,902 square feet of built space are walkup properties, with elevator properties next occupying 11 percent of the space.

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