Better Haven acquires new 58-unit, $23.6M building in Wakefield

The homeless services nonprofit Better Haven Foundation in partnership with Vocational Instruction Project Community Services through the entity 4427 Wpr Housing Development Fund Corporation paid $23.6 million to the entity 4421 Wpr Development LLC for the 58-unit residential elevator building (D7) at 4427 White Plains Road in Wakefield, Bronx. The expected use is cash flowing.
The deal closed on July 26, 2024 and was recorded on August 13, 2024. The property has 42,997 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $548 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 the seller was HKS Capital Partners’ Ayush Kapahi. The signatory for Better Haven Foundation and Vocational Instruction Project Community Services was Tahisha Lue-Hing. The contract date was January 31, 2024. This is the second building an Ayush Kapahi-built structure has sold to Better Haven. The earlier one was 720 East 216th Street.

The property

The residential elevator building with 58 residential units in Wakefield has 42,997 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 145 feet deep with a total lot size of 14,559 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $928,000. The most recent loan totaled $16 million and was provided by Metropolitan Commercial Bank on November 21, 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 one DOB violation and $935 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 three of the eight commercial properties representing 39,921 square feet of the 58,123 square feet. The two identified owners are Stagg Group and Skf Development.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 58,123 square feet of built space are elevator buildings, with retail buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Hks Capital Partners owned at least five commercial properties with 286 residential units in New York City with 89,997 square feet and a city-determined market value of $13.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 89,997 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

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