Boruch Frankel pays $6M for long-time USPS location in Fordham Manor

Boruch Frankel through the entity Nefesh Management Corp. paid $6 million to Postal Realty Trust through the entity Eastern Postal Realty Holdings LLC for the specialty United States Post Office building (Z3) at 2549 Jerome Avenue in Fordham Manor, Bronx.
The deal closed on October 10, 2024 and was recorded on October 15, 2024. The property has 13,000 square feet of built space and 27,426 square feet of additional air rights for a total buildable of 40,391 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $461 and the price per buildable square foot is $148 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 March 15, 2024, for $3.5 million. The signatory for Postal Realty Trust was Andrew Spodek. The signatory for Boruch Frankel was Boruch Frankel. The contract date was October 10, 2024. This has been a Post Office location, since at least 1975.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Boruch Frankel had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Postal Realty Trust purchased one property in one transaction for a total of $3.5 million and had not sold any properties over the same time period.

The property

The specialty building in Fordham Manor has 13,000 square feet of built space and 27,426 square feet of additional air rights for a total buildable of 40,391 square feet according to a PincusCo analysis of city data. The parcel has frontage of 104 feet and is 111 feet deep with a total lot size of 16,622 square feet. The lot is irregular. 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 $1.6 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 $505 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 Fordham Manor, The bulk, or 35 percent of the 18.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $76 million in sales volume in the last two years. For development, Fordham Manor has had very little major development activity relative to other neighborhoods.It had 590,238 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 111,060 square feet of the 200,634 square feet. The largest owner is Estat Gashi, followed by Postal Realty Trust and then Bernard A. Shafran.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 200,634 square feet of built space are specialty buildings, with elevator buildings next occupying 46 percent of the space.

The seller

The PincusCo database currently indicates that Postal Realty Trust owned at least one commercial property in New York City with 13,000 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Bronx.

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