Basilios Vassos pays $2M to Albert Rabizadeh for retail in Belmont
Basilios Vassos through the entity Pp Re LLC paid $2 million to Albert Rabizadeh through the entity Global Asset Properties LLC for the retail building (K1) at 4551 Third Avenue in Belmont, Bronx.
The deal closed on December 21, 2023 and was recorded on January 2, 2024. The property has 2,680 square feet of built space and 30,315 square feet of additional air rights for a total buildable of 33,001 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $764 and the price per buildable square foot is $62 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 November 13, 2019, for $19.9 million. The signatory for Albert Rabizadeh was Albert Rabizadeh. The signatory for Basilios Vassos was Basilios Vassos. The contract date was November 3, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Basilios Vassos had purchased any other properties and sold one property in one transaction for a total of $1.4 million over the past 24 months.
The seller Albert Rabizadeh purchased two properties in one transaction for a total of $22.8 million and sold one property in one transaction for a total of $1.4 million over the same time period.
The property
The retail building in Belmont/Little Italy has 2,680 square feet of built space and 30,315 square feet of additional air rights for a total buildable of 33,001 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 137 feet deep with a total lot size of 5,482 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $464,000. The most recent loan totaled $13.8 million and was provided by Flushing Bank on November 13, 2019.
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 $660 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 neighborhood
In Belmont, the bulk, or 43 percent of the 14.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Belmont/Little Italy has had very little sales volume relative to other neighborhoods with $234.2 million in sales volume in the last two years. For development, Belmont/Little Italy has had very little major development activity relative to other neighborhoods.It had 607,925 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the 17 commercial properties representing 18,680 square feet of the 162,105 square feet. The largest owner is St. Barnabas Hospital, followed by East Coast Holdings and then Albert Rabizadeh.
There are no active new building construction projects on this tax block.
The majority, or 73 percent of the 162,105 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.
The seller
The PincusCo database currently indicates that Albert Rabizadeh owned at least 20 commercial properties with 11 residential units in New York City with 72,020 square feet and a city-determined market value of $31.6 million. (Market value is typically about 50% of actual value.) The portfolio has $36.6 million in debt, with top three lenders as Flushing Bank, Columbia Capital, and SKW Funding respectively. Within the portfolio, the bulk, or 56 percent of the 72,020 square feet of built space are retail properties, with industrial properties next occupying 24 percent of the space. The bulk, or 46 percent of the built space, is in Bronx, with Brooklyn next at 34 percent of the space.
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