Two80 Real Estate pays $8.1M to Stellar for 68-unit walkup in Washington Heights

UPDATED: Two80 Real Estate Ventures through the entity 105 Haven Realty LLC paid $8.1 million to Stellar Management through the entity Haven Uptown Associates, L.L.C. for the 68-unit residential walkup building (C7) at 105 Haven Avenue in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on September 30, 2024 and was recorded on October 1, 2024. The property has 56,443 square feet of built space and 31,147 square feet of additional air rights for a total buildable of 87,621 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $144 and the price per buildable square foot is $93 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 Adam Roman. The signatory for Two80 Real Estate Ventures was Jesse Deutch. The contract date was May 31, 2024. Jesse Deutch leads the investment company Two80 and the management company C2R Management.
Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group brokered the transaction.

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 $30.4 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 two properties in two transactions for a total of $88.5 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 Haven Uptown Assoc. Llc.

The property

The residential walkup building with 68 residential units in Washington Heights has 56,443 square feet of built space and 31,147 square feet of additional air rights for a total buildable of 87,621 square feet according to a PincusCo analysis of city data. The parcel has frontage of 141 feet and is 120 feet deep with a total lot size of 14,555 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 $2.8 million. The property has 64 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 40 housing violations and $400 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 33 of the 56 commercial properties representing 4,119,541 square feet of the 6,451,320 square feet. The largest owner is Columbia University, followed by A&E Real Estate Holdings and then Sugar Hill Capital Partners.
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 Stellar Management owned at least 82 commercial properties with 7,789 residential units in New York City with 10,269,949 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 77 percent of the 10,269,949 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 16 commercial properties with 360 residential units in New York City with 290,458 square feet and a city-determined market value of $25.3 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 97 percent of the 290,458 square feet of built space are walkup properties, with M4 properties next occupying 3 percent of the space. They are all located in Manhattan.
Correction: A prior version of this post stated the number of residential units as 67, when in fact it’s 68. In addition, brokers were added.

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