Charter school pays $9.8M for dev site in Mott Haven

The South Bronx Charter School For International Cultures and the Arts paid $9.8 million to Konstantine Drakoupoulos through the entity 2510 Park Avenue Realty LLC for the development site at 2510 Park Avenue in Mott Haven, Bronx.
On the lot, there is one active new building construction project for a 76,486 square-foot school (E) building. The project was submitted by South Bronx Charter School For International Cultures and the Arts and filed by Evelyn Hey with plans filed June 29, 2020 and it has not been permitted yet.
The deal closed on November 8, 2023 and was recorded on November 28, 2023.
The signatory for Konstantine Drakoupoulos was Konstantine Drakoupoulos. The signatory for South Bronx Charter School For International Cultures and the Arts was Evelyn Hey. The contract date was November 12, 2019.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer South Bronx Charter School For International Cultures and the Arts had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Konstantine Drakoupoulos had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 152 feet and is 95 feet deep with a total lot size of 22,385 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.4 million. The most recent loan totaled $16.4 million and was provided by Build NYC Resource on November 8, 2023.

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.

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 $716 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.2 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Bronx. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 76,477 square feet of the 185,814 square feet. The largest owner is Victor Weingarten, followed by South Bronx Charter School For International Cultures And The Arts and then Manny Chadha.
On the tax block, there were four new building construction projects totaling 146,746 square feet. The largest is a 76,486 square-foot educational (E) building submitted by South Bronx Charter School For International Cultures & the Arts and filed by Evelyn Hey with plans filed June 29, 2020 and it has not been permitted yet. The second largest is a 61,941 square-foot storage (S-1) building submitted by Sharone Ben Harosh and filed by Sharone Ben Harosh with plans filed May 23, 2022 and it has not been permitted yet.

The majority, or 82 percent of the 185,814 square feet of built space are industrial buildings, with hotel buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that South Bronx Charter School For International Cultures And The Arts owned at least two commercial properties in New York City with 39,614 square feet and a city-determined market value of $11 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 39,614 square feet of built space are specialty properties, with industrial properties next occupying 0 percent of the space. They are all located in Bronx.

Direct link to Acris document. link