Chestnut Holdings pays $2.9M for 35-unit rental in Mt Hope

Chestnut Holdings of New York through the entity 1964 Gc LLC paid $2.9 million to Elliot Wolbrom through the entity El-Wol Realty Corp. for the 35-unit residential elevator building (D7) at 1964 Grand Concourse in Mt Hope, Bronx. The expected use is cash flowing.
The deal closed on November 7, 2024 and was recorded on November 18, 2024. The property has 32,000 square feet of built space and 11,972 square feet of additional air rights for a total buildable of 43,946 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $90 and the price per buildable square foot is $65 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 signatory for Elliot Wolbrom was Stephen S. Siminou. The signatory for Chestnut Holdings of New York was Ardon Wiener. The contract date was July 18, 2024. Elliot Wolbrom bought the building on January 18, 1974, financed with a $60,000 mortgage.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Chestnut Holdings of New York purchased five properties in four transactions for a total of $42.3 million and sold one property in one transaction for a total of $3 million over the past 24 months.
The seller Elliot Wolbrom 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 Elliot Wolbrom, head officer and Austen Rabbie, agent. The business entities are Livingston Management Services Llc and El-Wol Realty Corp.

The property

The residential elevator building with 35 residential units in Mt Hope has 32,000 square feet of built space and 11,972 square feet of additional air rights for a total buildable of 43,946 square feet according to a PincusCo analysis of city data. The parcel has frontage of 90 feet and is 99 feet deep with a total lot size of 7,300 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 city-designated market value for the property in 2022 is $1.9 million. The property has 35 rent regulated units according to city tax records from 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 received three DOB violations, 23 housing violations, and $250 in OATH penalties 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 one of the five commercial properties representing 25,500 square feet of the 297,228 square feet. The identified owner is Dennis Gomez.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 297,228 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Chestnut Holdings Of New York owned at least 149 commercial properties with 6,484 residential units in New York City with 6,410,663 square feet and a city-determined market value of $438.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 6,410,663 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Manhattan next at 9 percent of the space.

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