Witnick Real Estate pays $7M to Elmadani Sadek for 18-unit walkup in Hell’s Kitchen

Witnick Real Estate Partners through the entity 829 9th Partners LLC paid $7 million to Elmadani Sadek through the entity Four Hand Realty, LLC for the 18-unit residential walkup building (C7) at 829 9th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on July 7, 2022 and was recorded on July 21, 2022. The property has 9,915 square feet of built space and 4,856 square feet of additional air rights for a total buildable of 14,767 square feet according to PincusCo analysis of city data. The sale price per built square foot is $711 and the price per buildable square foot is $477 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 seller bought the property on October 7, 2008, for $5 million. The signatory for Elmadani Sadek was Elmadani Sadek. The signatory for Brighton Management and Witnick Real Estate Partners was Isaac Abraham.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Witnick Real Estate Partners purchased 11 properties in 10 transactions for a total of $90.4 million and sold six properties in five transactions for a total of $23.4 million over the past 24 months.
The seller Elmadani Sadek 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 Elmadani Sadek, head officer and Kryeziu Demush, site manager. The business entity is Four Hand Realty, Llc. The 9,915-square-foot property generated revenue of $599,541 or $60 per square foot, according to the most recent income and expense figures.

The property

The 829 9th Avenue parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,453 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 $3.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $450 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 27 commercial properties representing 97,626 square feet of the 589,922 square feet. The largest owner is Edward Ostad, followed by Arker Companies and then Brusco Group. There are two active new building construction projects totaling 64,676 square feet. The largest is a 28-unit, 32,726-square-foot R-2 building developed by Manwei You with plans filed October 1, 2018 and permitted January 17, 2020. The second largest is a 101-unit, 31,950-square-foot R-1 building developed by Samir Gandhi with plans filed July 15, 2013 and it has not been permitted yet.

The majority, or 48 percent of the 567,116 square feet of built space are elevator buildings, with industrial buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Elmadani Sadek owned at least one commercial property in New York City with 13,940 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Witnick Real Estate Partners owned at least 32 commercial properties in New York City with 343,063 square feet and a city-determined market value of $96.9 million. (Market value is typically about 50% of actual value.) The portfolio has $81.5 million in debt, with top three lenders as Dime Community Bank, Signature Bank, and Customers Bank respectively. Within the portfolio, the bulk, or 77 percent of the 343,063 square feet of built space are walkup properties, with elevator properties next occupying 19 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.

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