Aron Karpen pays $3.4M for 75-unit dev site in Concourse

Aron Karpen through the entity 130 E 165 Holdings LLC paid $3.4 million to estate of Barry Kallenberg for the 75-unit development site at 130 East 165th Street in Concourse, Bronx.
On the lot, there is one active new building construction project for a 75-unit, 40,812 square-foot R-2 building. The project was submitted by Jacob Kohn with plans filed August 30, 2022 and it has not been permitted yet.
The deal closed on March 23, 2023 and was recorded on April 25, 2023. The property has zero square feet of built space and 46,630 square feet of additional air rights for a total buildable of 46,630 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $72 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 Barry Kallenberg estate was Wendy Berger and Lisa Lux. The signatory for Aron Karpen was Aron Karpen. Barry Kallenberg died April 20, 2020. The contract date was June 8, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aron Karpen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Barry Kallenberg estate had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 45 feet and is 180 feet deep with a total lot size of 7,746 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 $201,000.

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 received $50 in OATH penalties in the last year.

The neighborhood

In Concourse, The bulk, or 46 percent of the 13.4 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 16 percent of the space. In sales, Concourse has had very little sales volume relative to other neighborhoods with $190.3 million in sales volume in the last two years. For development, Concourse has near average amount of major developments among other neighborhoods and is the 7th highest in Bronx. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 79,722 square feet of the 238,935 square feet. The two identified owners are Victor Fein and Prana Investments.
On the tax block, there was one new building construction project filed totaling 40,812 square feet. It is a 75-unit, 40,812 square-foot residential (R-2) building submitted by Jacob Kohn with plans filed August 30, 2022 and it has not been permitted yet.

The majority, or 53 percent of the 238,935 square feet of built space are elevator buildings, with specialty buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Aron Karpen owned at least one commercial property with 32 residential units in New York City with 21,990 square feet. The portfolio has $7.5 million in debt, borrowed from Greystone & Co.. The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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