Adem Raci pays $2.7M to Betty Balsam Kalman for residential walkup in Kingsbridge Heights

Adem Raci through the entity 160 West 231st Street LLC paid $2.7 million to Betty Balsam Kalman through the entity Noble Arms Corp. for 19-unit residential walkup building (C7) at 160 West 231st Street in Kingsbridge Heights, Bronx.
The deal closed on December 13, 2022 and was recorded on December 30, 2022. The property has 18,750 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $144 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 Betty Balsam Kalman was Betty Balsam Kalman. The signatory for Adem Raci was Adem Raci. Adem Raci is managing member of the owner entity.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Adem Raci had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Betty Balsam Kalman had not purchased any other properties and sold one properties in one transactions for a total of $5.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Betty Balsam-Kalman, head officer and Josh Koppel, agent. The business entities are Hsc Management Corp. and Noble Arms Corp. The 18,750-square-foot property generated revenue of $314,554 or $17 per square foot, according to the most recent income and expense figures.

The property

The 160 West 231st Street parcel has frontage of 50 feet and is 79 feet deep with a total lot size of 4,290 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received 37 housing violations, $1,000 in OATH penalties, and two housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 24 commercial properties representing 109,171 square feet of the 460,975 square feet. The largest owner is Steve Zervoudis, followed by Linda Taub and then Isaac M. Franco.
On the tax block, there were three new building construction projects totaling 176,864 square feet. The largest is a N/A-unit, 142,100-square-foot M building developed by Thomas Caputo with plans filed May 4, 2012 and permitted August 1, 2013. The second largest is a N/A-unit, 19,840-square-foot M building developed by Thomas Caputo with plans filed March 3, 2014 and permitted November 13, 2014.

The majority, or 56 percent of the 460,975 square feet of built space are retail buildings, with walkup buildings next occupying 36 percent of the space.

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