Angela Gazivoda pays $12M for 94-unit rental in Concourse Village

Angela Gazivoda through the entity 955 Sheridan Realty LLC paid $12 million to Richard Goldberg and Andrew Goldberg through the entity 955 Sheridan Avenue LLC for the 94-unit residential elevator building (D1) at 955 Sheridan Avenue in Concourse Village, Bronx.
The deal closed on June 27, 2022 and was recorded on July 5, 2022. The property has 92,180 square feet of built space and 20,388 square feet of additional air rights for a total buildable of 112,604 square feet according to PincusCo analysis of city data. The sale price per built square foot is $130 and the price per buildable square foot is $106 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.)

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development include Richard Goldberg, head officer and Andrew Goldberg, officer. The business entities are Woods Management Company and Sherwood Estates Llc. The 92,180-square-foot property generated revenue of $1.3 million or $14 per square foot, according to the most recent income and expense figures. The 92,180-square-foot property generated revenue of $1.3 million or $14 per square foot, according to the most recent income and expense figures.

The property

The 955 Sheridan Avenue parcel has frontage of 120 feet and is 154 feet deep with a total lot size of 18,705 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.9 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 two DOB violations, 12 housing violations, and $100 in OATH penalties 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 neighborhood

In Concourse Village, the bulk, or 44 percent of the 20.8 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space. In sales, Concourse Village has the 23rd highest sale turnover among other neighborhoods in Bronx with $65.6 million in sales volume in the last two years. For development, Concourse Village has had very little major development activity relative to other neighborhoods.It had 267,692 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 16 commercial properties representing 1,022,594 square feet of the 1,197,390 square feet. The largest owner is A&E Real Estate Holdings, followed by BLDG Management and then Michael Goldberg. There is one active new building construction project totaling 7,826 square feet. It is a 23-unit, 7,826-square-foot R-2 building developed by Moses Ostreicher with plans filed April 12, 2022 and it has not been permitted yet.

The majority, or 99 percent of the 1.8 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 1 percent of the space.

Surrounding

Within a 400-foot radius of 955 Sheridan Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on January 11, 2021 for a 32,950-square-foot R-2 building with 41 residential units at 215 E 163rd Street.
Of those three items, two were loans above $5 million totaling $21.4 million. The most recent of the two was Chaim Dicker which borrowed $9.5 million from Greystone & Co. secured by the 150,948-square-foot, 115-unit rental (D7) on 1011 Sheridan Avenue on December 30, 2020.

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