16-unit Fordham Manor walkup sells for $1.8M

The entity 2627 Webster LLC with registration agent Genti Rrahmani paid $1.8 million to Elliot Steinmetz for the 16-unit residential walkup building (C1) at 2627 Webster Avenue in Fordham Manor, Bronx.
The deal closed on May 10, 2023 and was recorded on May 16, 2023. The property has 11,935 square feet of built space and 1,220 square feet of additional air rights for a total buildable of 13,146 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $150 and the price per buildable square foot is $136 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 July 26, 2017, for $3.6 million. The signatory for Elliot Steinmetz was Elliot Steinmetz. The buyer entity is in care of registered agent Genti Rrahmani.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that Genti Rrahmani had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Elliot Steinmetz purchased one property in one transaction for a total of $3.8 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 Gerog Muzicant, head officer and Sean Sinnreich, site manager. The business entity is Fifth Muzican Investment Corp. The 11,935-square-foot property generated revenue of $215,559 or $18 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Fordham Manor has 11,935 square feet of built space and 1,220 square feet of additional air rights for a total buildable of 13,146 square feet according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 95 feet deep with a total lot size of 3,130 square feet. The lot is irregular. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $592,000.

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 one DOB violation, 13 housing violations, and $300 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 59,025 square feet of the 135,081 square feet. The largest owner is Robert Morales, followed by Fordham Bedford Housing Corporation and then Fifth Muzicant Investment Corp. Of Schissel Smallberg Llp.
On the tax block, there were two new building construction projects totaling 25,409 square feet. The largest is a 18-unit, 16,091 square-foot residential (R-2) building submitted by Allen Liu with plans filed July 17, 2018 and permitted January 9, 2023. The second largest is a 10-unit, 9,318 square-foot residential (R-2) building submitted by Robert Morales with plans filed December 23, 2014 and permitted August 12, 2016.

The majority, or 32 percent of the 135,081 square feet of built space are mixed-use buildings, with walkup buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Elliot Steinmetz owned at least one commercial property with two residential units in New York City with 3,680 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single B1 property. It is located in Brooklyn.

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