Carthage Advisors pays $4.9M for dev site in Mott Haven

Carthage Advisors through the entity Concord Developments Housing Development paid $4.9 million to Nissan Cohen through the entity First Concord Realty LLC for the mixed-use building (S1) at 439 Concord Avenue and vacant site (V0) at 431 Concord Avenue in Mott Haven, Bronx.
The deal closed on August 21, 2023 and was recorded on August 31, 2023. The two properties have 2,888 square feet of built space and 54,835 square feet of additional air rights for a total buildable of 57,750 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,696 and the price per buildable square foot is $84 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 Nissan Cohen was Neal S. Friedman. The signatory for Carthage Advisors was Edward Poteat. The contract date was March 2, 2022.

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 431 Concord Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Carthage Advisors had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nissan Cohen had not purchased any other properties and had not sold any properties over the same time period.

The property

The development building in Mott Haven has 2,888 square feet of built space and 54,835 square feet of additional air rights for a total buildable of 57,750 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 110 feet deep with a total lot size of 8,250 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $382,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $80 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 Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2 times the average sales volume among other neighborhoods with $724.7 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.7 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 431 Concord Avenue, PincusCo has identified the owners of one of the eight commercial properties representing zero square feet of the 248,047 square feet. The identified owner is City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 248,047 square feet of built space are specialty buildings, with walkup buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Nissan Cohen owned at least one commercial property with 18 residential units in New York City with 14,403 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Carthage Advisors owned at least one commercial property with 183 residential units in New York City with 129,955 square feet and a city-determined market value of $6.4 million. (Market value is typically about 50% of actual value.) The portfolio has $91 million in debt, borrowed from NYC Housing Development Corporation and The New York City Acquisition Fund. The portfolio consists of at least a single elevator property. It is located in Manhattan.

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