Xiangdong Gao pays $8.9M to Agus, 101 Holdings for retail in Washington Heights
Xiangdong Gao through the entity Cornerstone Z G Holdings Inc paid $8.9 million to Agus Holdings and 101 Holdings through the entity 4138 Broadway Retail Owner LLC for the retail building (K1) at 4138 Broadway in Washington Heights, Manhattan.
The deal closed on June 29, 2023 and was recorded on July 25, 2023. The property has 5,458 square feet of built space and 5,457 square feet of additional air rights for a total buildable of 10,914 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,626 and the price per buildable square foot is $813 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 August 28, 2013, for $3.4 million. The signatory for Agus Holdings and 101 Holdings was Michael Ashkenazy and Joshua Agus. The signatory for Xiangdong Gao was Xiangdong Gao. Michael Ashkenazy bought this for $3.5 million in 2013. It sold a stake to Cactus Holdings in 2017 valued at $3.5 million. In 2021 there was a no-consideration partial interest sale between Agus and Cactus as sellers and Agus as buyer. Traded NY reported on the sale previously.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Xiangdong Gao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Agus Holdings had not purchased any other properties and had not sold any properties over the same time period. The 5,458-square-foot property generated revenue of $239,715 or $44 per square foot, according to the most recent income and expense figures.
The property
The retail building in Washington Heights has 5,458 square feet of built space and 5,457 square feet of additional air rights for a total buildable of 10,914 square feet according to a PincusCo analysis of city data. The parcel has frontage of 62 feet and is 95 feet deep with a total lot size of 5,457 square feet. The lot is irregular. The zoning is C8-3 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.3 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 $330 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on October 11, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
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 1.5 times the average sales volume among other neighborhoods with $533.9 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, Washington Heights has 1.3 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.4 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 eight of the 17 commercial properties representing 300,069 square feet of the 439,278 square feet. The largest owner is Roey Yaloz, followed by Bronstein Properties and then Black Spruce Management.
There are no active new building construction projects on this tax block.
The majority, or 57 percent of the 439,278 square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.
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