Two80 Real Estate Ventures pays $7M for 32-unit walkup in Washington Heights

Jesse Deutch’s Two80 Real Estate Ventures through the entity Haven 172 LLC last week closed on the purchase of the 32-unit walkup (C1) building at 720 West 172nd Street also known as 123 Haven Avenue in Washington Heights, Manhattan. The seller was Barberry Rose Management, through the entity 121-123 Haven Holding LLC. The sale has not yet been recorded in public records. The contract date was May 1, 2023.

PincusCo records show Two80 Real Estate Ventures owns at least 16 commercial properties with 253 residential units. Its most recent purchase was the $4.2 million purchase of 630 West 172nd Street in October 2022.
In addition, affiliates of Two80 bought development sites for a total of $2.1 million at 707 Humboldt Street and 24 Jewel Street in Greenpoint where it plans to build two-family homes.

Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both Barberry Rose Management and the buyer.

The property

The walkup building with 32 residential units in Washington Heights has 36,125 square feet of built space and 8,260 square feet of additional air rights for a total buildable of 44,397 square feet according to a PincusCo analysis of city data. The parcel has frontage of 169 feet and is 54 feet deep with a total lot size of 7,375 square feet. 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 $2.9 million. The most recent loan totaled $6.2 million and was provided by Flushing Bank on June 28, 2022.

Prior sales and revenue

This property was sold for $8.5 million on November 4, 2014.

The 36,125-square-foot property generated revenue of $684,325 or $19 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received 15 housing violations, $2,500 in OATH penalties, and one housing litigation in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Washington Heights, The bulk, or 45 percent of the 65.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Washington Heights has near average sales volume among other neighborhoods with $569.5 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Washington Heights has near average amount of major developments among other neighborhoods and is the 21st highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 32 of the 56 commercial properties representing 4,059,736 square feet of the 6,451,320 square feet. The largest owner is A&E Real Estate Holdings, followed by Michael Aryeh and then Sugar Hill Capital Partners. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Barberry Rose Management owned at least two commercial properties with 79 residential units in New York City with 89,825 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio has $6.2 million in debt, borrowed from Flushing Bank. Within the portfolio, the bulk, or 60 percent of the 89,825 square feet of built space are elevator properties, with walkup properties next occupying 40 percent of the space. The bulk, or 60 percent of the built space, is in Brooklyn, with Manhattan next at 40 percent of the space.

The former owners according to the Department of Housing Preservation and Development includes Lewis Barbanel, head officer and Robert Silverman, officer. The business entities are Barberry Rose Management Co Inc. and 121-123 Haven Holding Llc.

The surrounding

Within a 400-foot radius of 123 Haven Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, two were sales above $5 million totaling $15.2 million. The most recent of the two was Behrooz Hedvat which bought the 17,550-square-foot, 12-unit rental (D7) on 703 West 171st Street for $6.3 million from Forum Capital Partners on February 2, 2023. Of those four items, two were loans above $5 million totaling $11.7 million. The most recent of the two was Atias Enterprises in which borrowed $5.8 million from JPMorgan Chase secured by the 44,442-square-foot, 38-unit rental (D1) on 134 Haven Avenue on July 28, 2023.

Direct link to the property’s ACRIS page and link to DOB NOW portal.