Aghogho Emenike files plans for 49-unit building in Olinville

Aghogho Emenike submitted a new building construction project for a 49-unit, 36,858 square-foot residential (R-2) building at 3871 Carpenter Avenue in Olinville, Bronx. The plan was filed with the New York City Department of Buildings on February 16, 2023 under job number X00761794. It calls for the construction of a eight-story building. The project is described in the filing as: construct new mixed occupancy 8 story with 49 apartments + cellar building & community facility offices on the first floor.

The property

The property with 1 residential units in Olinville has 2,333 square feet of built space and 26,461 square feet of additional air rights for a total buildable of 28,806 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 79 feet and is 105 feet deep with a total lot size of 8,374 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $710,000.

Prior sales and revenue

This property was sold for $2.1 million on April 1, 2021.

Development

Aghogho Emenike submitted a new building construction project for a 49-unit, 36,858 square-foot residential (R-2) building at 3871 Carpenter Avenue. The plan was filed on February 16, 2023. It calls for the construction of a 75-foot tall, eight-story building and was filed with the New York City Department of Buildings under job number X00761794. The project is described in the filing as: construct new mixed occupancy 8 story with 49 apartments + cellar building & community facility offices on the first floor.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

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

The neighborhood

In Olinville, The majority, or 55 percent of the 2.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Olinville has near average sales volume among other neighborhoods with $8.9 million in sales volume in the last two years and is the 43rd highest in Bronx. For development, Olinville has near average amount of major developments among other neighborhoods and is the 37th highest in Bronx. It had 112,184 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 119,469 square feet of the 188,513 square feet. The two identified owners are Craig Ari Loren and Related Companies. On the tax block, there were five new building construction projects totaling 78,699 square feet. The largest is a 49-unit, 36,858 square-foot residential (R-2) building submitted by Aghogho Emenike and filed by Aghogho Emenike with plans filed February 16, 2023 and it has not been permitted yet. The second largest is a 30-unit, 17,776 square-foot residential (R-2) building submitted by Alban Haxhari and filed by Alban Haxhari with plans filed April 7, 2022 and permitted September 29, 2022.

The surrounding

Within a 400-foot radius of 3871 Carpenter Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, one was in new building development. It was a new building permit application filed on April 7, 2022 for a 17,776-square-foot residential (R-2) building with 30 residential units at 3831 Carpenter Avenue. One of those four items was a sale which Zachary Haring bought the 0-square-foot development site (V0) on 3923 Carpenter Avenue for $8.3 million from Atlantis Development on August 26, 2022. Of those four items, two were loans above $5 million totaling $27.5 million. The most recent of the two was Zachary Haring in which borrowed $6.2 million from Israel Discount Bank secur