Chaim Wiesenfeld pays $10M to Joel Wagschal for retail in Westchester Square

Chaim Wiesenfeld through the entity Parkchester Retail Plaza LLC paid $10 million to Joel Wagschal through the entity 2233 Westchester LLC for the property at 2241 Westchester Avenue in Westchester Square, Bronx.
The deal closed on July 17, 2023 and was recorded on July 20, 2023. The property is 25,920 square feet, or $385 per built square foot.
The signatory for Joel Wagschal was Joel Wagschal. The signatory for Chaim Wiesenfeld was Chaim Wiesenfeld.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chaim Wiesenfeld had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joel Wagschal purchased one property in one transaction for a total of $12.8 million and sold one property in one transaction for a total of $2 million over the same time period.

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 not received any significant violations 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 seven commercial properties representing 151,570 square feet of the 161,892 square feet. The largest owner is Sopher Group, followed by New York City Housing Authority and then Joel Wagschal.
On the tax block, there were three new building construction projects totaling 195,653 square feet. The largest is a 85-unit, 71,935 square-foot residential (R-2) building submitted by Sopher Management and filed by Barbara Sopher with plans filed February 25, 2019 and it has not been permitted yet. The second largest is a 81-unit, 61,859 square-foot residential (R-2) building submitted by Isaac Rosenberg and filed by Isaac Rosenberg with plans filed April 14, 2022 and permitted June 3, 2022.

The majority, or 69 percent of the 161,892 square feet of built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Joel Wagschal owned at least one commercial property in New York City with 25,920 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Golden Bridge Funding. The portfolio consists of at least a single mixed-use property. It is located in Bronx.

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