$6.15M Bronx Apple Bank building sale terminated

A contract Apple Bank for Savings as seller signed with Prime Rok Real Estate as buyer to sell 636 Pelham Parkway South in Pelham Parkway, the Bronx, for $6.15 million, has collapsed, according to a suit the bank filed yesterday in New York State Supreme Court.

Case LINK

Apple Bank for Savings as seller and Prime Rok Real Estate as buyer signed a contract June 9, 2022 to sell 636 Pelham Parkway South for $6.15 million, and Prime Rok put down a $305,000 deposit. The sale did not close, and Apple Bank seeks the release of the deposit as liquidated damages.

According to the complaint, “By the Time of Essence Letter, Apple Bank notified Prime Rok that the Closing would occur on May 30, 2023. Apple Bank duly and properly adjourned the Closing to June 1, 2023. Apple Bank performed all of its obligations under the Purchase Agreement in advance of the June 1, 2023 Adjourned Closing, and was ready, willing and able to close title for the Property as of the date of the Closing, and certainly as of the date of the Adjourned Closing.”

The neighborhood

In Pelham Parkway, The majority, or 84 percent of the 6.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 6 percent of the space. In sales, Pelham Parkway has near average sales volume among other neighborhoods with $6.3 million in sales volume in the last two years and is the 46th highest in Bronx. For development, Pelham Parkway has near average amount of major developments among other neighborhoods and is the 33rd highest in Bronx. It had 185,863 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 seven of the 19 commercial properties representing 459,915 square feet of the 616,796 square feet. The largest owner is Goldberg Family (5600a), followed by Isidoros Sfikas and then Lightstone Group. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 636 Pelham Parkway South, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Jack Cohen borrowed $7.5 million from Signature Bank secured by the 8,000-square-foot, four-unit retail building (K1) on 2174 White Plains Road on April 26, 2022.

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