Wavecrest Management acquires from Monadnock Development two walkups in Harlem for $26.3M

Wavecrest Management acquired from Monadnock Development control of the 59-unit residential walkup building (C1) at 111-115 West 141st Street and the 29-unit residential walkup building (C5) at 148 West 141st Street, both in Harlem, Manhattan at a valuation of $26.3 million.
The deal closed on July 19, 2024 and was recorded on August 2, 2024. The two properties have 36,935 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $710 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 Monadnock Development was Nicholas Lembo. The signatory for Wavecrest Management was Joseph M. Camerata. The contract date was February 13, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Wavecrest Management purchased four properties in two transactions for a total of $46 million and has no record it sold any properties over the past 24 months.
The seller Monadnock Development purchased two properties in two transactions for a total of $40.6 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Amy Stokes, head officer and Rafael D’One De La Cruz, site manager. The business entity is Monad Pillars I Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, $625 in ECB penalties, 50 housing violations, $775 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 the tax block of 111-115 West 141st Street, PincusCo has identified the owners of 13 of the 19 commercial properties representing 416,250 square feet of the 560,247 square feet. The largest owner is Alexander Berkovitch, followed by Chaim Simkowitz and then Infinite Horizons.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 560,247 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Monadnock Development owned at least 78 commercial properties with 2,992 residential units in New York City with 2,155,336 square feet and a city-determined market value of $295.9 million. (Market value is typically about 50% of actual value.) The portfolio has $975.3 million in debt, with top three lenders as NYC Housing Development Corporation, New York City Housing Authority, and NYS Housing Finance Agency respectively. Within the portfolio, the bulk, or 64 percent of the 2,155,336 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 82 percent of the built space, is in Manhattan, with Bronx next at 17 percent of the space.

The buyer

The PincusCo database currently indicates that Wavecrest Management owned at least 13 commercial properties with 1,137 residential units in New York City with 1,214,284 square feet and a city-determined market value of $75.6 million. (Market value is typically about 50% of actual value.) The portfolio has $16.5 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 91 percent of the 1,214,284 square feet of built space are elevator properties, with walkup properties next occupying 9 percent of the space. The bulk, or 93 percent of the built space, is in Bronx, with Brooklyn next at 7 percent of the space.

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