495 West 186th Street
This Washington Heights mixed-use acquisition presents significant regulatory and operational risk, as the building carries 320 HPD violations and is enrolled in the Alternative Enforcement Program (AEP), indicating a history of serious housing maintenance deficiencies that trigger city oversight and mandatory remediation costs. At $103/SF and $109,482/unit, the purchase price reflects a distress discount relative to comparable Washington Heights mixed-use trades, which typically range from $110–$130/SF for stabilized product, suggesting the buyer underwrote substantial capital expenditure requirements to cure violations and exit AEP. Seastone Capital's experience with value-add and compliance-heavy assets in upper Manhattan is a meaningful mitigant, and the Rosewood Realty brokerage team — led by Aaron Jungreis, one of NYC's most active multifamily brokers — lends credibility to the transaction and pricing discovery process. However, for a private lender like Homage, the AEP designation and 320-violation count represent a materially elevated execution risk, as remediation timelines can be prolonged, costs can be unpredictable, and the city can impose additional fines or emergency repairs. Underwriting this deal requires careful scrutiny of the remediation plan, a detailed capital reserve budget, and clear milestone-based loan covenants to manage compliance risk.
Deal Stats
Parties
Seller / Landlord
Rich Nussbaum appears to be a private NYC real estate owner disposing of a legacy mixed-use asset in Washington Heights; limited public institutional profile suggests a private landlord or smaller operator offloading a challenged property, potentially motivated by the building's AEP status and violation load.
Buyer / Tenant
Adam Goodstein of Seastone Capital is an active NYC multifamily and mixed-use investor known for acquiring value-add and distressed assets in upper Manhattan and the outer boroughs, often targeting buildings with deferred maintenance or regulatory issues as repositioning plays. Seastone Capital has a track record of navigating AEP and HPD-challenged properties, suggesting experience with compliance-heavy turnaround situations.
Score Analysis
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Resolve outstanding violations or liens
Active violations significantly depress the score; clearing them has high impact.
Provide sponsor financial statements
Documented liquidity and net worth reduce lender risk perception.
Submit a detailed business plan
A clear repositioning or hold strategy demonstrates deal viability.
Identify institutional co-lenders or equity partners
Reputable co-investors signal deal quality to underwriters.
Raw Deal Textclick to expand
traded + Submit Growing Financial Partnerships For Over 30 Years. Get Started Home Deals New York Mixed Use Sale 495 West 186th Street Share SOLD Mixed-use Adam Goodstein Of Seastone Capital Acquires Mixed-Use Building At 495 West 186th Street For $6.35M $6,350,000 $103/SF BUILDING SIZE 61,250 SF ASSET TYPE CLOSING Jun 10, 2026 Overview Players Market Deal Summary Caption AI The property asset involved in the transaction is a mixed-use building located at 495 West 186th Street in Manhattan. The sale was completed for a price of $6,350,000 with a total of 58 units, yielding a price per unit of $109,482. The building encompasses 61,250 square feet, resulting in a price per square foot of $103. Summary of transation details: Property Type: Mixed-use Transaction Amount: $6,350,000 Buyer: Adam Goodstein - Seastone Capital Seller: Rich Nussbaum Brokers: Aaron Jungreis, Ben Khakshoor & Alex Fuchs - Rosewood Realty Group Units: 58 Square Footage: 61,250 Price per Unit: $109,482 Price per Square Foot: $103 Key individuals involved in the transaction include Adam Goodstein representing Seastone Capital as the buyer and Rich Nussbaum as the seller. The brokerage team, consisting of Aaron Jungreis, Ben Khakshoor, and Alex Fuchs, facilitated the transaction through Rosewood Realty Group. Notably, the building was in an Alternative Enforcement Program (AEP) and had 320 violations. PLAYERS All Brokers Aaron Jungreis Rosewood Realty Group BROKER $4.4B VOL 207 deals Contact Ben Khakshoor $2B 137 deals Alex Fuchs $1.9B 104 deals Washington Heights North Mixed-use Market Snapshot Neighborhood boundary · Mixed-use · Sale transactions Full Market → Comps 10 Listings Investors Top Brokers Lenders SDG - Management Darin S Goldstein Acquires Mixed-use Property In Washington Heights For $7.7M 46,900 SF · Dec 2020 New York, New York $7,700,000 $164/SF 0.2 mi Greg Corbin, Chaya Milworn & Felix Ades Of Northgate Real Estate Group Sell Multifamily In Fort George For $4.61M 35,305 SF · Dec 2025 $4,610,000 $130/SF 0.3 mi Meridian Capital Group Represents $6.5M Sale Of Mixed-Use Property In Washington Heights 44,217 SF · Mar 2023 Avenue, New York $6,500,000 $147/SF 0.5 mi Jesse Deutch Of Two80 Real Estate Ventures Purchases Multifamily Asset From Barry Rudofsky For $7.5M 46,500 SF · Oct 2025 $7,500,000 $161/SF 0.6 mi AP 173 LLC Acquires Mixed-Use Property At 501 West 173rd Street Manhattan For $4.75M 17,375 SF · May 2026 $4,750,000 $273/SF 0.7 mi RJ Block Properties Acquires Mixed-Use Property In Morris Heights, Bronx For $8.04M 59,516 SF · Oct 2021 $8,040,000 $135/SF 0.8 mi Cushman & Wakefield Brokers Sell Mixed-Use Property In New York City For $6.26M 18,317 SF · Jan 2023 New York City, New York $6,260,000 $341/SF Greg Corbin & Felix Ades Of Northgate Real Estate Group Sell Mixed-Use Property In Washington Heights For $5M 19,380 SF · Jul 2025 $5,000,000 $258/SF 0.9 mi Guerrero Family Acquires Washington Heights Property For $4.79M 9,880 SF · Sep 2018 $4,790,000 $484/SF 1.0 mi Rob Yaffa Sells Mixed-Use Property In Washington Heights For $4.3M 21,368 SF · Mar 2021 $4,300,000 $201/SF 1.4 mi Live MORE DEALS $7.7M $4.6M $6.5M $7.5M $4.8M $8.0M $6.3M $5M $4.3M NEARBY MARKETS NEIGHBORHOODS Central Harlem North-Polo Grounds Hamilton Heights Manhattanville Washington Heights South Marble Hill-Inwood Highbridge West Concourse Mount Hope University Heights-Morris Heights East Concourse-Concourse Village Belmont East Tremont BOROUGHS Staten Island Bronx Queens Manhattan Brooklyn CITIES Paterson Hackensack Bayonne Paramus East Orange Hoboken Newark Clifton Jersey City West New York Fort Lee Elizabeth STATES North Carolina Virginia West Virginia Michigan Massachusetts Pennsylvania Vermont South Carolina New Hampshire District of Columbia New Jersey We are telling CRE's story Traded is the #1 source for cutting-edge CRE transactions & insights. 1M+ DEALS 100K+ USERS 47 MARKETS 1.2M+ FOLLOWERS Browse Closings by State National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Minnesota Mississippi Missouri Montana Nebraska Nevada New Mexico North Dakota Ohio Oklahoma Oregon Rhode Island South Dakota Tennessee Texas Utah Washington Wisconsin Wyoming Search News Agents Agencies About About Us FAQ Testimonials Help Help Center Pricing Return Policy Follow a feed Nat @traded NY @tradedny MIA @tradedmiami LA @tradedla CHI @tradedchicago BOS @tradedboston DAL @tradeddallas NJ @tradednj 300K+ The Traded Weekly Every major deal & ranking update — Friday mornings. Email © 2026 Traded Media LLC · All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use