Anibal Gomez pays $5.2M to Bluestone Group for office in Schuylerville

Anibal Gomez through the entity 3219 Tremont Place LLC paid $5.2 million to Bluestone Group through the entity 3219 E. Tremont Holdings LLC for the office building (O2) at 3219 East Tremont Avenue in Schuylerville, Bronx.
The deal closed on April 5, 2023 and was recorded on April 13, 2023. The property has 16,010 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $324 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 Bluestone Group was Eli Tabak. The signatory for Anibal Gomez was Anibal Gomez.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Anibal Gomez purchased one property in one transaction for a total of $1.9 million and has no record it sold any properties over the past 24 months.
The seller Bluestone Group had not purchased any other properties and had not sold any properties over the same time period. The 16,010-square-foot property generated revenue of $675,942 or $42 per square foot, according to the most recent income and expense figures.

The property

The office building in Schuylerville has 16,010 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 62 feet and is 100 feet deep with a total lot size of 5,626 square feet. The lot is irregular. The zoning is R4A which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.7 million. The most recent loan totaled $5.4 million and was provided by Signature Bank on May 19, 2020.

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 Schuylerville, The bulk, or 35 percent of the 2.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 26 percent of the space. In sales, Schuylerville has the 43rd highest sale turnover among other neighborhoods in Bronx with $8.9 million in sales volume in the last two years. For development, Schuylerville has had very little major development activity relative to other neighborhoods.It had 19,501 square feet of commercial and multi-family construction under development in the last two years, which represents 0.85 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 21,670 square feet of the 60,572 square feet. The identified owner is Bluestone Group.
There are no active new building construction projects on this tax block.

The majority, or 36 percent of the 60,572 square feet of built space are office buildings, with walkup buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Bluestone Group owned at least 20 commercial properties with 53 residential units in New York City with 367,786 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $109.4 million in debt, borrowed from Signature Bank and Madison Realty Capital. Within the portfolio, the bulk, or 45 percent of the 367,786 square feet of built space are industrial properties, with mixed-use properties next occupying 20 percent of the space. The bulk, or 47 percent of the built space, is in Manhattan, with Queens next at 30 percent of the space.

The buyer

The PincusCo database currently indicates that Anibal Gomez owned at least one commercial property with 11 residential units in New York City with 11,274 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

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