Charter school pays $31.6M to Turner Impact Capital for building in Soundview
625 Bolton Avenue (Credit - Google)
Grand Concourse Academy Charter School through the entity 625 Bolton LLC paid $31.6 million to Turner Impact Capital through the entity Ta New York City Ba LLC for specialty building (W3) at 625 Bolton Avenue in Soundview, Bronx.
The deal closed on July 14, 2022 and was recorded on August 17, 2022. The property has 50,064 square feet of built space and 5,803 square feet of additional air rights for a total buildable of 55,806 square feet according to PincusCo analysis of city data. The sale price per built square foot is $631 and the price per buildable square foot is $566 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 January 18, 2017, for $3.4 million. The signatory for Turner Impact Capital was Bari Cooper Sherman. The signatory for Grand Concourse Academy Charter School was Howard Banker.
To finance the purchase, Grand Concourse Academy Charter School through the entity 625 Bolton LLC as borrower signed an acquisition loan with lender Build NYC Resource Corporation valued at $38.2 million.
The signatory for Build NYC Resource Corporation was Noah Schumer. Build NYC as issuer will issue Revenue Bonds (Grand Concourse Academy Charter School) Series 2022A and 2022B for the acquisition and expansion and rehab to create a 60,000-square-foot school location.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Grand Concourse Academy Charter School had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Turner Impact Capital had not purchased any other properties and sold one property in one transaction for a total of $11.9 million over the same time period.
The property
The 625 Bolton Avenue parcel has frontage of 408 feet and is 227 feet deep with a total lot size of 44,645 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $9.2 million.
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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 $112 in OATH penalties in the last year.
The neighborhood
In Soundview, the majority, or 61 percent of the 21.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Soundview has had very little sales volume relative to other neighborhoods with $113.5 million in sales volume in the last two years. For development, Soundview is the 4th most active neighborhood among other neighborhoods. It had 9.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 42 percent of the neighborhood’s built space.
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