Aaron Maleh pays $1.2M for 10-unit walkup in Mott Haven

Aaron Maleh of VM Equities through the entity 215 St Anns Ave LLC paid $1.2 million to Christopher Ryan through the entity 215 St. Ann’s Realty Partners Group LLC for the 10-unit residential walkup building (C7) at 215 St Anns Avenue in Mott Haven, Bronx. The expected use is cash flowing.
The deal closed on August 1, 2024 and was recorded on August 13, 2024. The property has 12,540 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $95 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 Christopher Ryan was Christopher Ryan. The signatory for Aaron Maleh was Aaron Maleh. The contract date was April 11, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aaron Maleh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Christopher Ryan had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Christopher Ryan, head officer and Eduardo Cirilo, officer. The business entity is 215 St Ann’s Realty Partners Group.

The property

The residential walkup building with 10 residential units in Mott Haven has 12,540 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2007 and expires in 2041. The city-designated market value for the property in 2022 is $635,000.

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 $10,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 6, 2013. 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 14 of the 26 commercial properties representing 211,636 square feet of the 344,849 square feet. The largest owner is Denali Management, followed by Karl Ashmawy and then Eric J. Oppenheimer Of Eric J Oppenheimer.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 344,849 square feet of built space are walkup buildings, with retail buildings next occupying 11 percent of the space.

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