Brenda Geller pays $6.2M for 54-unit rental in Mt Hope

Brenda Geller through the entity 110 Mt Hope LLC paid $6.2 million to Steve Rotberg and Mindelle Rotberg through the entity Ope Holding Corp. for the 54-unit residential elevator building (D1) at 110 Mount Hope Place in Mt Hope, Bronx.
The deal closed on March 1, 2023 and was recorded on March 7, 2023. The property has 46,000 square feet of built space and 29,250 square feet of additional air rights for a total buildable of 75,250 square feet according to PincusCo analysis of city data. The sale price per built square foot is $133 and the price per buildable square foot is $81 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 Steve Rotberg and Mindelle Rotberg was Mindelle Rotberg. The signatory for Brenda Geller was Brenda Geller.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Brenda Geller had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Steve Rotberg 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 Steve Rotberg, head officer and Mindy Rotberg, shareholder. The business entity is Ope Holding Corp. The 46,000-square-foot property generated revenue of $747,207 or $16 per square foot, according to the most recent income and expense figures.

The property

The 110 Mount Hope Place parcel has frontage of 100 feet and is 125 feet deep with a total lot size of 12,500 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations, $7,530 in ECB penalties, 40 housing violations, and $9,950 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 block

On this tax block, PincusCo has identified the owners of nine of the 16 commercial properties representing 287,625 square feet of the 507,833 square feet. The largest owner is Ved Parkash, followed by Mount Hope Housing Company and then Monarch Properties.
On the tax block, there were three new building construction projects totaling 138,448 square feet. The largest is a 90-unit, 56,600-square-foot R-2 building developed by Jacob Barak with plans filed March 1, 2019 and it has not been permitted yet.The second largest is a 44-unit, 25,861-square-foot R-2 building developed by Lulzim Leguci with plans filed June 25, 2021 and permitted March 11, 2022.

The majority, or 91 percent of the 507,833 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Brenda Geller owned at least one commercial property in New York City with 62,548 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

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