Chaim Hirschfeld through the entity Grand Concourse 8 Associates LLC as borrower signed a loan with lender Signature Bank valued at $16.8 million for the 81-unit residential elevator building at 888 Grand Concourse in Concourse Village, Bronx.
The deal closed on May 25, 2022 and was recorded on June 13, 2022. The property has 122,800 square feet of built space and 48,354 square feet of additional air rights for a total buildable of 171,232 square feet according to PincusCo analysis of city data. The loan price per built square foot is $136 and the price per buildable square foot is $98 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 owner bought the property on June 13, 2017, for $28 million.
Prior sales and revenue
The owner according to the Department of Housing Preservation and Development is Harry Hirsch, head officer. The business entity is Grand Concourse 8 Llc. The 122,800-square-foot property generated revenue of $1.9 million or $16 per square foot, according to the most recent income and expense figures.
The 888 Grand Concourse parcel has frontage of 137 feet and is 188 feet deep with a total lot size of 28,444 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The property is in the Grand Concourse Historic District. The city-designated market value for the property in 2022 is $4.7 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 three DOB violations, $625 in ECB penalties, 22 housing violations, and $650 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
In Concourse Village, the bulk, or 41 percent of the 22.1 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space. In sales, Concourse Village has had very little sales volume relative to other neighborhoods with $59.1 million in sales volume in the last two years. For development, Concourse Village has had very little major development activity relative to other neighborhoods.It had 416,198 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 149,464 square feet of the 395,562 square feet. The two identified owners are Harry Hirsch and Kenny Nasab. There are two active new building construction projects totaling 62,019 square feet. The largest is a 85-unit, 34,099-square-foot R-1 building developed by Nehalkumar Gandhi with plans filed April 8, 2016 and permitted October 19, 2018. The second largest is a 85-unit, 27,920-square-foot R-1 building developed by Joseph Yunatanov with plans filed December 4, 2019 and it has not been permitted yet.
The majority, or 52 percent of the 510,702 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 41 percent of the space.
PincusCo has not identified any commerial real estate items of interest within a 400-foot radius of 888 Grand Concourse that occurred over the past 24 months.
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