Chaim Wieder pays $2.4M for 38-unit development site in Morris Heights

Chaim Wieder through the entity 84 West LLC paid $2.4 million to Eitan Itah through the entity 84 W. 174 St LLC for the four-unit rental building (C3) at 84 West 174th Street in Morris Heights, Bronx.

On the lot, there is one active new building construction project for a 38-unit, 20,097 square-foot R-2 building. The project was submitted by Isaac Rosenberg with plans filed September 1, 2022 and it has not been permitted yet.
The sale closed on January 6, 2023 and was recorded on January 18, 2023. The property has 4,200 square feet of built space and 21,600 square feet of additional air rights for a total buildable of 25,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $571 and the price per buildable square foot is $93 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 May 3, 2016, for $750,000. The signatory for Eitan Itah was Navid Aminzadeh. The signatory for Chaim Wieder was Chaim Wieder.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Chaim Wieder had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eitan Itah 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 Isaac Itah, head officer and Eitan Itah, officer. The business entity is 84 W. 174 St Llc.

The property

The 84 West 174th Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $78,000.

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 not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of 26 of the 60 commercial properties representing 777,918 square feet of the 1,193,491 square feet. The largest owner is Sumir P. Sahgal, followed by Stagg Group and then Allied Realty & Development.
On the tax block, there were two new building construction projects totaling 47,093 square feet. The largest is a 43-unit, 26,996-square-foot R-2 building developed by Rupa Mehta with plans filed June 15, 2020 and it has not been permitted yet. The second largest is a 38-unit, 20,097-square-foot R-2 building developed by Isaac Rosenberg with plans filed September 1, 2022 and it has not been permitted yet.

The majority, or 57 percent of the 1.2 million square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

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