City Skyline Realty pays $6.4M for 43-unit rental in Mott Haven

864 East 149th Street (Credit - Google)

City Skyline Realty through the entity 864 E 149 LLC paid $6.4 million to Maurice Kavanagh through the entity New York Metro Holdings Corp. for the 43-unit residential rental building (C1) at 864 East 149th Street in Mott Haven, Bronx.
The deal closed on July 26, 2022 and was recorded on August 8, 2022. The property has 37,906 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $168 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 Maurice Kavanagh was Maurice Kavanagh. The signatory for City Skyline Realty was Anthony Simari. Douglas Peterson is the signatory for the loan.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer City Skyline Realty purchased eight properties in seven transactions for a total of $42 million and has no record it sold any properties over the past 24 months.
The seller Maurice Kavanagh 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 Dominica O’Neill, head officer and Anthony Perales, site manager. The business entity is New York Metro Holdings Corp. The 37,906-square-foot property generated revenue of $651,178 or $17 per square foot, according to the most recent income and expense figures.

The property

The 864 East 149th St parcel has frontage of 83 feet and is 100 feet deep with a total lot size of 8,120 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.9 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 $150 in OATH penalties in the last year.


There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 38 commercial properties representing 116,899 square feet of the 615,295 square feet. The largest owner is Dunn Development Corp., followed by Altmark Group and then Stacy Wolfe.
There are three active new building construction projects totaling 238,501 square feet. The largest is a 167-unit, 144,749-square-foot R-2 building developed by Daniel Rad with plans filed August 16, 2016 and permitted April 25, 2017. The second largest is a 80-unit, 57,569-square-foot R-2 building developed by Martin Dunn with plans filed March 15, 2019 and permitted July 30, 2019.

The majority, or 66 percent of the 488,135 square feet of built space are industrial buildings, with elevator buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that City Skyline Realty owned at least 40 commercial properties in New York City with 1,004,304 square feet and a city-determined market value of $72.9 million. (Market value is typically about 50% of actual value.) The portfolio has $62.3 million in debt, with top three lenders as Arbor Realty Trust, New York Community Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 67 percent of the 1,004,304 square feet of built space are walkup properties, with elevator properties next occupying 33 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Bronx next at 39 percent of the space.

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