Arbor gets 5 Concourse Village walkups through $10.9M deed-in-lieu, were $16.9M in 2018

Arbor Realty Trust acquired five residential walkups in Concourse Village, the Bronx, in five transactions recorded over three days with a total valuation of $10.9 million through deeds-in-lieu of foreclosure. The former owner was Monarch Realty Holdings. Monarch paid $16.9 million for the buildings in 2018.

In the largest, Arbor Realty Trust through the entity 1060 Sheridan Avenue Owner LLC acquired in a $3.5 million transaction with Monarch Realty Holdings through the entity 1048-1064 Sheridan Investors LLC, the 31-unit residential walkup building (C1) at 1060 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on December 17, 2024 and was recorded on January 2, 2025. The contract date was December 27, 2024. The property has 30,385 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $114 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 seller bought the property on June 15, 2018, for $5.2 million.

In the second, Arbor Realty Trust through the entity 1064 Sheridan Avenue Owner LLC acquired in a $2.1 million transaction withMonarch Realty Holdings through the entity 1048-1064 Sheridan Investors LLC for the 20-unit residential walkup building (C1) at 1064 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on December 17, 2024 and was recorded on January 2, 2025. The property has 16,155 square feet of built space and 336 square feet of additional air rights for a total buildable of 16,512 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $128 and the price per buildable square foot is $125 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 seller bought the property on June 15, 2018, for $3.2 million.

In the third, Arbor Realty Trust through the entity 1056 Sheridan Avenue Owner LLC acquired in a $1.9 million transaction with Monarch Realty Holdings through the entity 1048-1064 Sheridan Investors LLC the 16-unit residential walkup building (C1) at 1056 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on December 17, 2024 and was recorded on January 3, 2025. The property has 17,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $110 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 seller bought the property on June 15, 2018, for $3.1 million.

In the fourth, 1048 Sheridan Avenue Owner LLC acquired in a $1.7 million transaction with 1048-1064 Sheridan Investors LLC, the 16-unit residential walkup building (C1) at 1048 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on December 17, 2024 and was recorded on January 6, 2025. The property has 17,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $95 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 seller bought the property on June 15, 2018, for $2.6 million.

In the fifth, Arbor Realty Trust through the entity 1052 Sheridan Avenue Owner LLC acquired in a $1.7 million transaction with Monarch Realty Holdings through the entity 1048-1064 Sheridan Investors LLC, the 16-unit residential walkup building (C1) at 1052 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on December 17, 2024 and was recorded on January 3, 2025. The property has 17,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $98 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 seller bought the property on June 15, 2018, for $2.8 million.

The signatory for Monarch Realty Holdings was Farzad Shahery. The signatory for Arbor Realty Trust was Thomas L. Montemage. The contract date was November 21, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Arbor Realty Trust purchased two properties in two transactions for a total of $5.5 million and has no record it sold any properties over the past 24 months.
The seller Monarch Realty Holdings purchased two properties in two transactions for a total of $14.4 million and sold two properties in two transactions for a total of $5.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Nicolas Loizou, head officer and Carol Rocco, officer. The business entity is 1048-1064 Sheridan Investors Llc.

The property

The residential walkup building with 16 residential units in Concourse Village has 17,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1993 and expires in 2027. The city-designated market value for the property in 2022 is $853,000. The property has 16 rent regulated units according to city tax records from 2023.

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 six housing violations and $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 17, 2021. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 22 of the 38 commercial properties representing 1,163,281 square feet of the 1,760,955 square feet. The largest owner is NYC Department Of Education, followed by Shimon Greisman and then Residential Management (NY).
On the tax block, there were two new building construction projects totaling 57,780 square feet. The largest is a two-unit, 33,274 square-foot assembly (A-3) building submitted by Amara Kenneh with plans filed August 16, 2022 and permitted February 16, 2024. The second largest is a seven-unit, 24,506 square-foot assembly (A-3) building submitted by Amara Kenneh with plans filed July 14, 2015 and it has not been permitted yet.

The majority, or 48 percent of the 1.8 million square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Monarch Realty Holdings owned at least 10 commercial properties with 206 residential units in New York City with 185,530 square feet and a city-determined market value of $33.3 million. (Market value is typically about 50% of actual value.) The portfolio has $53.9 million in debt, with top three lenders as Sterling National Bank, First National Bank of Long Island, and Webster Bank respectively. Within the portfolio, the bulk, or 48 percent of the 185,530 square feet of built space are walkup properties, with elevator properties next occupying 31 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that Arbor Realty Trust owned at least two commercial properties with 51 residential units in New York City with 46,540 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Bronx.

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