Aziz Tareb pays $6.2M for 43-unit rental in Van Nest

Aziz Tareb through the entity 2009 Cruger LLC paid $6.2 million to Aida Balaj through the entity Bronxdale Properties LLC for the 43-unit residential elevator building (D7) at 2009 Cruger Avenue in Van Nest, the Bronx.
The deal closed on September 6, 2023 and was recorded on September 20, 2023. The property has 49,260 square feet of built space according to a PincusCo analysis of city data. The sale price per built 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 signatory for Aida Balaj was Aida Balaj. The signatory for Aziz Tareb was Aziz Tareb. The contract date was June 14, 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 $20.4 million and has no record it sold any properties over the past 24 months.
The seller Aida Balaj 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 Gjergj Balaj, head officer and Aida Balaj, officer. The business entity is Bronxdale Properties Llc.

The property

The residential elevator building with 43 residential units in Van Nest has 49,260 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 127 feet and is 144 feet deep with a total lot size of 10,498 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 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 one DOB violation, 45 housing violations, $1,700 in OATH penalties, and one housing litigation 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 five of the 12 commercial properties representing 136,775 square feet of the 175,275 square feet. The largest owner is Pasquale Perretta, followed by Gjergj Balaj and then Cubesmart.
On the tax block, there was one new building construction project filed totaling 24,743 square feet. It is a 24,743 square-foot 56 building submitted by Michael Perretta and filed by Michael Perretta with plans filed April 28, 2023 and it has not been permitted yet.

The majority, or 62 percent of the 175,275 square feet of built space are industrial buildings, with elevator buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Aziz Tareb owned at least five commercial properties with six residential units in New York City with 41,580 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 41,580 square feet of built space are retail properties, with walkup properties next occupying 12 percent of the space. The bulk, or 68 percent of the built space, is in Bronx, with Brooklyn next at 32 percent of the space.

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