Two80 Real pays $9.3M to Lemle & Wolff for 83-unit walkup in Washington Heights

Two80 Real Estate Ventures through the entity 75-89 Wadsworth Terrace LLC paid $9.3 million to Lemle & Wolff through the entity 75-89 Associates for the 83-unit residential walkup building (C1) at 75 Wadsworth Terrace in Washington Heights, Manhattan.
The deal closed on November 17, 2023 and was recorded on November 27, 2023. The property has 63,935 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $145 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 Lemle & Wolff was Mark M. Altschul. The signatory for Two80 Real Estate Ventures was Jesse Deutch. The contract date was September 19, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Two80 Real Estate Ventures purchased two properties in two transactions for a total of $11.2 million and has no record it sold any properties over the past 24 months.
The seller Lemle & Wolff purchased four properties in one transactions for a total of $10.4 million and sold 10 properties in one transactions for a total of $12.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Zitolo, head officer and Andrew Kleiman, site manager. The business entity is 75-89 Woodsworth Associates Llc.

The property

The residential walkup building with 83 residential units in Washington Heights has 63,935 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 294 feet and is 89 feet deep with a total lot size of 14,124 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 property has a J-51 exemption that started in 2014 and expires in 2048. The city-designated market value for the property in 2022 is $4.3 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, 28 housing violations, $950 in OATH penalties, and two housing litigations 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 42 of the 88 commercial properties representing 1,612,672 square feet of the 2,638,389 square feet. The largest owner is Zef Curanovic, followed by United States Postal Service and then Chaim Simkowitz.
On the tax block, there were eight new building construction projects totaling 516,827 square feet. The largest is a 123-unit, 135,361 square-foot residential (R-2) building submitted by Woody Victor with plans filed October 4, 2017 and it has not been permitted yet. The second largest is a 98-unit, 109,200 square-foot residential (R-2) building submitted by HAP Investments and filed by Eldad Gothelf with plans filed December 5, 2013 and it has not been permitted yet.

The majority, or 64 percent of the 2.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Lemle & Wolff owned at least 128 commercial properties with 4,066 residential units in New York City with 3,570,603 square feet and a city-determined market value of $224.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 3,570,603 square feet of built space are walkup properties, with elevator properties next occupying 25 percent of the space. The bulk, or 59 percent of the built space, is in Bronx, with Manhattan next at 40 percent of the space.

The buyer

The PincusCo database currently indicates that Two80 Real Estate Ventures owned at least 13 commercial properties with 198 residential units in New York City with 171,673 square feet and a city-determined market value of $16.4 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 94 percent of the 171,673 square feet of built space are walkup properties, with M4 properties next occupying 6 percent of the space. They are all located in Manhattan.

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