Aziz Tareb pays $2.2M for 20-unit walkup in Williamsbridge

Aziz Tareb through the entity 3415 Colden Ave LLC paid $2.2 million to Yaakov Miller through the entity 3415 Colden LLC for the 20-unit residential walkup building (C7) at 3415 Colden Avenue in Williamsbridge, Bronx.
The deal closed on April 16, 2024 and was recorded on April 26, 2024. The property has 18,176 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $119 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 August 13, 2013, for $1.7 million. The signatory for Yaakov Miller was Yaakov Miller. The signatory for Aziz Tareb was Aziz Tareb. The contract date was December 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Aziz Tareb purchased five properties in five transactions for a total of $19.2 million and has no record it sold any properties over the past 24 months.
The seller Yaakov Miller had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jay Miller, head officer and Jerry Miller, officer. The business entity is 3415 Colden Llc.

The property

The residential walkup building with 20 residential units in Williamsbridge has 18,176 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 104 feet and is 50 feet deep with a total lot size of 5,238 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million. The most recent loan totaled 0.0 and was provided by Hirshmark Capital on October 13, 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 21 housing violations and $125 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 block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 18,176 square feet of the 44,161 square feet. The identified owner is Yaakov Miller.
On the tax block, there was one new building construction project filed totaling 14,428 square feet. It is a 23-unit, 14,428 square-foot residential (R-2) building submitted by Arthur Franciosa with plans filed October 4, 2018 and it has not been permitted yet.

The majority, or 46 percent of the 44,161 square feet of built space are retail buildings, with walkup buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Yaakov Miller owned at least nine commercial properties with 409 residential units in New York City with 372,444 square feet and a city-determined market value of $29.8 million. (Market value is typically about 50% of actual value.) The portfolio has $59.9 million in debt, with top three lenders as Signature Bank, Societe Generale, and Hirshmark Capital respectively. Within the portfolio, the bulk, or 61 percent of the 372,444 square feet of built space are elevator properties, with walkup properties next occupying 39 percent of the space. The bulk, or 65 percent of the built space, is in Bronx, with Brooklyn next at 35 percent of the space.

The buyer

The PincusCo database currently indicates that Aziz Tareb owned at least seven commercial properties with 68 residential units in New York City with 104,120 square feet and a city-determined market value of $10.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 47 percent of the 104,120 square feet of built space are elevator properties, with retail properties next occupying 35 percent of the space. The bulk, or 87 percent of the built space, is in Bronx, with Brooklyn next at 13 percent of the space.

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