Bronstein Properties pays $8.5M for 70-unit elevator in Sunnyside

Bronstein Properties through the entity Sunnyside 43-22 LLC paid $8.5 million to the entities including Jopin Realty LLC for the 70-unit residential elevator building (D1) at 43-22 45th Street in Sunnyside, Queens. The expected use is cash flowing.
The deal closed on December 6, 2024 and was recorded on December 18, 2024. The property has 53,100 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $160 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 signatories for the sellers were Susan Nerenberg, Andrew H. Tananbaum, and Margery N. Weinstein. The signatory for Bronstein Properties was Scott Silverman. The contract date was August 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bronstein Properties purchased two properties in one transaction for a total of $290 million and sold 11 properties in eight transactions for a total of $353 million over the past 24 months.
The seller Susan Nerenberg 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 Regina Peterseil, head officer and Susan Nerenberg, officer. The business entity is Jopin Realty Llc.

The property

The residential elevator building with 70 residential units in Sunnyside has 53,100 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,505 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.5 million. The property has 67 rent regulated units according to city tax records from 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 one housing violation 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 five of the 12 commercial properties representing 157,606 square feet of the 252,653 square feet. The largest owner is Antonios Feggoudakis, followed by Regina Peterseil and then Peter Rappa.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 252,653 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Bronstein Properties owned at least 89 commercial properties with 4,577 residential units in New York City with 4,189,498 square feet and a city-determined market value of $462.2 million. (Market value is typically about 50% of actual value.) The portfolio has $482 million in debt, with top three lenders as New York Community Bank, Capital One, and Signature Bank respectively. Within the portfolio, the bulk, or 66 percent of the 4,189,498 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. The bulk, or 47 percent of the built space, is in Queens, with Manhattan next at 29 percent of the space.

Direct link to Acris document. link