Yechiel Newhouse pays $8M to Galaxy General for rental in Morris Heights

Yechiel Newhouse through the entity 1893 Andrews, LLC paid $8 million to Galaxy General Contracting through the entity Burnside Mews Associates for 64-unit rental (C7) at 1893-1895 Andrews Avenue in Morris Heights, Bronx.
The deal closed on October 8, 2021 and was recorded on October 29, 2021.
The property has 59,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $135 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 Galaxy General Contracting was Steve Zervoudis. The signatory for Yechiel Newhouse was Yechiel Newhouse.

The former owners according to the Department of Housing Preservation and Development included Franklin Vargas, head officer and Jose Ferreira, officer. The business entity was Burnside News Associates.

Within a 400-foot radius of 1893-1895 Andrews Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $25.4 million. The most recent of the three was Simcha Applegrad which borrowed $7.8 million from BankUnited secured by the 65,280-square-foot, 67-unit rental (C7) on 171 West Burnside Avenue on May 12, 2020.

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