Anibal Rodriguez Jr. pays $6.5M for retail in Mott Haven

Anibal Rodriguez Jr. through the entity 228 Brook Realty LLC paid $6.5 million to Teodulo Diaz and Narciza Diaz through the entity Terrinaz Enterprises, LLC for the retail building (K1) at 220 Brook Avenue in Mott Haven, Bronx.
The deal closed on October 31, 2023 and was recorded on November 21, 2023. The property has 15,000 square feet of built space and 21,450 square feet of additional air rights for a total buildable of 36,450 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $433 and the price per buildable square foot is $178 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 Teodulo Diaz and Narciza Diaz was Teodulo Diaz and Narciza Diaz. The signatory for Anibal Rodriguez Jr. was Anibal Rodriguez Jr.. The contract date was April 23, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Anibal Rodriguez Jr. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Teodulo Diaz had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Mott Haven has 15,000 square feet of built space and 21,450 square feet of additional air rights for a total buildable of 36,450 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 150 feet deep with a total lot size of 15,000 square feet. 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 $1.8 million.

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 received $430 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 $1 million on this tax lot.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2 times the average sales volume among other neighborhoods with $709.5 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.2 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Bronx. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 13 of the 26 commercial properties representing 196,636 square feet of the 344,849 square feet. The largest owner is Neighborhood Restore, followed by Mhany Management and then Karl Ashmawy.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 344,849 square feet of built space are walkup buildings, with retail buildings next occupying 11 percent of the space.

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