Chestnut Holdings pays $9.8M to Yellowstone Properties for rental in Bedford Park

Chestnut Holdings through the entity 2976 M LLC paid $9.8 million to Yellowstone Properties through the entity 2976 Marion, LLC for 62-unit rental (D7) at 2976 Marion Avenue in Bedford Park, Bronx.
The deal closed on October 28, 2021 and was recorded on November 15, 2021.
The property has 67,930 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $143 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 Yellowstone Properties was Arthur Green. The signatory for Chestnut Holdings was Jonathan Wiener.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $71,200.
The former owners according to the Department of Housing Preservation and Development included Arthur Green, head officer and Orlando Franco, officer. The business entity is 2976 Marion Llc.
Within a 400-foot radius of 2976 Marion Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $51.7 million. The most recent of the two was Nicholas Schimienti which borrowed $18.4 million from First Republic Bank secured by the 54,000-square-foot, 47-unit rental (C1) on 321 Bedford Park Blvd and six other properties on March 3, 2020.

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