Joel Guttman pays $4M for office in Tremont

Joel Guttman through the entity Tremont BX LLC paid $4 million to the entity Bandry, LLC for the office building (O7) at 441 East Tremont Avenue in Tremont, Bronx.
The deal closed on June 30, 2025 and was recorded on July 14, 2025. The property has 11,654 square feet of built space and 33,479 square feet of additional air rights for a total buildable of 45,120 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $343 and the price per buildable square foot is $88 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 Joel Guttman was Jack Oved . The contract date was December 1, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joel Guttman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller had not purchased any other properties and sold two properties in one transaction for a total of $21.2 million over the same time period. The 11,654-square-foot property generated revenue of $368,733 or $32 per square foot, according to the most recent income and expense figures.

The property

The office building in Tremont has 11,654 square feet of built space and 33,479 square feet of additional air rights for a total buildable of 45,120 square feet according to a PincusCo analysis of city data. The parcel has frontage of 141 feet and is 50 feet deep with a total lot size of 9,024 square feet. The lot is irregular. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.

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 $1,500 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, X01238419, for a 64-unit, 34,920 square-foot R-2 building. The project was submitted by Joel Guttman and filed by Joel Guttman with plans filed June 10, 2025 and it has not been permitted yet.

The neighborhood

In Tremont, The bulk, or 41 percent of the 8.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Tremont has had very little sales volume relative to other neighborhoods with $106.9 million in sales volume in the last two years. For development, Tremont has had very little major development activity relative to other neighborhoods.It had 645,223 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 17 commercial properties representing 13,480 square feet of the 113,547 square feet. The identified owner is Kevin Sheridan.
On the tax block, there were two new building construction projects totaling 37,620 square feet. The largest is a 64-unit, 34,920 square-foot residential (R-2) building submitted by Joel Guttman and filed by Joel Guttman with plans filed June 10, 2025 and it has not been permitted yet. The second largest is a 2,700 square-foot storage (S-1) building submitted by Patrick Mcgurk with plans filed May 25, 2016 and it has not been permitted yet.

The majority, or 57 percent of the 113,547 square feet of built space are industrial buildings, with mixed-use buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Guttman owned at least three commercial properties with 29 residential units in New York City with 9,070 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) The portfolio has $12.3 million in debt, borrowed from Starwood Mortgage Capital and LMF Commercial. Within the portfolio, the bulk, or 34 percent of the 9,070 square feet of built space are B9 properties, with B1 properties next occupying 33 percent of the space. They are all located in Bronx.

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