Chestnut Holdings pays $9.4M to Casablanca Management for rental in Soundview

Chestnut Holdings through the entity 1064-1068 Ward LLC paid $9.4 million to Casablanca Management through the entity 1064 Ward Avenue LLC for 55-unit rental (C7) at 1064-1068 Ward Avenue in Soundview, the Bronx.
The deal closed on September 24, 2021 and was recorded on October 4, 2021.
The property has 52,815 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $177 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 September 8, 2016, for $10 million.
The signatory for Casablanca Management was Anthony Simari. The signatory for Chestnut Holdings was Ben Rieder.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $12,000.
The former owners according to the Department of Housing Preservation and Development included Edgar Casablanca, head officer and Victor Hernandez, site manager. The business entity was 1064 Ward Avenue LLC.

Within a 400-foot radius of 1064-1068 Ward Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on January 29, 2020 for the $310,275 renovation of the 4,137-square-foot R-2 building with eight residential units at 1059 Ward Avenue.
Of those three items, two were loans above $5 million totaling $15.8 million. The most recent of the two was Kalman Tabak which borrowed $8.3 million from Capital One secured by the 70,500-square-foot, 79-unit rental (D7) on 1056 Boynton Avenue on September 8, 2021.

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