Alon Ashourzadeh pays $2.3M for retail in Pelham Gardens

Alon Ashourzadeh through the entity 1436 Gun Hill Partner LLC paid $2.3 million to Leonardo Paoliello through the entity 1436-46 E Gun Hill Realty Corp. for the retail building (K1) at 1436 East Gun Hill Road in Pelham Gardens, Bronx.
The deal closed on June 27, 2023 and was recorded on July 3, 2023. The property has 4,556 square feet of built space and 16,822 square feet of additional air rights for a total buildable of 21,430 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $504 and the price per buildable square foot is $107 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 Leonardo Paoliello was Leonardo Paoliello. The signatory for Alon Ashourzadeh was Stephen Siminou.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eden Ashourzadeh purchased three properties in three transactions for a total of $8.2 million and sold two properties in two transactions for a total of $8 million over the past 24 months.
The seller Leonardo Paoliello had not purchased any other properties and sold one properties in one transactions for a total of 0.0 over the same time period. The 4,556-square-foot property generated revenue of $159,961 or $35 per square foot, according to the most recent income and expense figures.

The property

The retail building in Pelham Gardens has 4,556 square feet of built space and 16,822 square feet of additional air rights for a total buildable of 21,430 square feet according to a PincusCo analysis of city data. The parcel has frontage of 89 feet and is 131 feet deep with a total lot size of 10,715 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $832,000.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Pelham Gardens, The majority, or 56 percent of the 1.7 million square feet of commercial built space are specialty buildings, with retail buildings next occupying 16 percent of the space. In sales, Pelham Gardens has not had any sales in the last two years. For development, Pelham Gardens has had very little major development activity relative to other neighborhoods.It had 7,570 square feet of commercial and multi-family construction under development in the last two years, which represents 0.44 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 4,556 square feet of the 14,405 square feet. The identified owner is Alon Ashourzadeh.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 14,405 square feet of built space are retail buildings, with mixed-use buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Eden Ashourzadeh owned at least seven commercial properties with 38 residential units in New York City with 35,890 square feet and a city-determined market value of $9.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 35,890 square feet of built space are walkup properties, with mixed-use properties next occupying 18 percent of the space. They are all located in Brooklyn.

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