259-unit project filed at Schur Management-owned parcel in Concord Village

1099 Webster Avenue (Credit - Google)

1099 Webster Avenue (Credit - Google)

Marc Schur of Schur Management through the entity Webster 1099 Realty LLC submitted a new building construction project for a 259-unit, 218,126 square-foot residential (R-2) building at 1099 Webster Avenue in Concourse Village, the Bronx. The plan was filed with the New York City Department of Buildings on August 8, 2023 under job number X00909046. It calls for the construction of an 11-story building. The project is described in the filing as: construct new 11-story mixed-use building as per plans filed. The architect is Dattner Architects.
The Schur family has owned the parcel since an entity is controlled bought the parcel in 1982.

The property

The existing industrial building in Concourse Village has 21,800 square feet of built space and 162,459 square feet of additional air rights for a total buildable of 184,195 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 368 feet and is 100 feet deep with a total lot size of 36,839 square feet. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million.

Prior sales and revenue

The 21,800-square-foot property generated revenue of $154,282 or $7 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $50 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Concourse Village, The bulk, or 39 percent of the 17.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Concourse Village has near average sales volume among other neighborhoods with $163.4 million in sales volume in the last two years and is the 9th highest in Bronx. For development, Concourse Village has near average amount of major developments among other neighborhoods and is the 19th highest in Bronx. It had 574,346 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 23 commercial properties representing 186,735 square feet of the 348,386 square feet. The largest owner is Arker Companies, followed by Aziz Tareb and then Josue Velazquez. On the tax block, there was one new building construction project filed totaling 218,126 square feet. It is a 259-unit, 218,126 square-foot residential (R-2) building submitted by Marc Schur with plans filed August 8, 2023 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 395 East 166 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, two were loans above $5 million totaling $18.6 million. The most recent of the two was New Destiny Housing Corporation in which borrowed $5.5 million from Corporation for Supportive Housing secured by the 10,000-square-foot, two-unit industrial (E9) on 1139 Webster Avenue on July 21, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.

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