Benjamin Neuman pays $3.9M for two walkups in Tremont

Benjamin Neuman through the entity 2048 Mapes LLC paid $3.9 million to Uri Dreifus and Zev A. Salamon through the entity 2048 Mapes Realty LLC for the midblock 13-unit residential walkup building at 2048 Mapes Avenue in Tremont, Bronx and midblock 13-unit residential walkup building at 2052 Mapes Avenue in Tremont, Bronx.
The deal closed on May 10, 2022 and was recorded on May 27, 2022. The two properties have 23,496 square feet of built space and 9,489 square feet of additional air rights for a total buildable of 32,972 square feet according to PincusCo analysis of city data. The sale price per built square foot is $164 and the price per buildable square foot is $117 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.)

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2048 Mapes Avenue.

Prior sales and revenue

The former owner according to the Department of Housing Preservation and Development is Henry Levi, head officer. The business entity is Mapes Realty Partners. The two properties with a total of 23,496 square feet of built space generated revenue of $429,092 per year or $18 per square foot. The sale price per square foot was $165.

The property

The 2048 Mapes Avenue parcel has frontage of 33 feet and is 145 feet deep with a total lot size of 4,797 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $552,000.
The 2052 Mapes Avenue parcel has frontage of 33 feet and is 145 feet deep with a total lot size of 4,788 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $552,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 123 housing violations and $1,830 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 $5 million on this tax lot.

The neighborhood

In Tremont, the bulk, or 33 percent of the 11.1 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 16 percent of the space. In sales, Tremont has had very little sales volume relative to other neighborhoods with $54.8 million in sales volume in the last two years. For development, Tremont has had very little major development activity relative to other neighborhoods.It had 206,281 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On the tax block of 2048 Mapes Avenue, PincusCo has identified the owners of four of the six commercial properties representing 322,446 square feet of the 366,794 square feet. The largest owner is Belveron Partners, followed by Atlantic Development Group and then Y Bornstein. There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 396,026 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 7 percent of the space.

Surrounding

Within a 400-foot radius of 2048 Mapes Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 3, 2021 for the $1.2 million renovation of 10,097-square-foot R-2 building with 19 residential units at 2046 Mapes Avenue.
One of those two items was a loan which Atlantic Development Group borrowed $8.9 million from Signature Bank secured by the 82,309-square-foot, 90-unit rental (D1) on 825 East 179th Street on September 18, 2020.

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