Badr Saiban pays $2M for residential walkup in Bronx

Badr H. Saiban through the entity 592 Morris Park Avenue Partners LLC paid $2 million to Faruk Kojic through the entity 592 Morris Associates LLC for eight-unit residential walkup building at 592 Morris Park Avenue in Van Nest, Bronx.
The deal closed on March 31, 2022 and was recorded on April 8, 2022.The property has 8,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $232 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 Faruk Kojic was Faruk Kojic. The signatory for Badr H. Saiban was Badr H. Saiban.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Badr H. Saiban had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Faruk Kojic 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 Faruk Kojic, head officer and Alminko Kojic, site manager. The business entity is 592 Morris Associates Llc.

The property

The 592 Morris Park Avenue parcel has frontage of 25 feet and is 95 feet deep with a total lot size of 2,375 square feet. 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 $759,000.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Van Nest, the bulk, or 48 percent of the 7 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 15 percent of the space. In sales, Van Nest has the 46th highest sale turnover among other neighborhoods in Bronx with $3.2 million in sales volume in the last two years. For development, Van Nest has had very little major development activity relative to other neighborhoods.It had 5,791 square feet of commercial and multi-family construction under development in the last two years, which represents 0.08 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 3,300 square feet of the 26,881 square feet. The identified owner is Mauricio Chavez. There are no active new building construction projects on this tax block.

the majority, or 69 percent of the 137,099 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 11 percent of the space.

Surrounding

PincusCo has not identified any commerial real estate items of interest within a 400-foot radius of 592 Morris Park Avenue that occurred over the past 24 months.

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