Rayman Rasheed through the entity Gess Property Inc. paid $2.2 million to CloudKitchens through the entity 4330 Bullard Ave Brx LLC for the industrial building (F4) at 4330 Bullard Avenue in Wakefield, the Bronx.
The deal closed on June 23, 2023 and was recorded on July 10, 2023. The property has 9,672 square feet of built space and 299 square feet of additional air rights for a total buildable of 9,999 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $230 and the price per buildable square foot is $222 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 May 10, 2021, for $2.3 million. The signatory for Travis Kalanick’s CloudKitchens was Mark Morkos. The signatory for Rayman Rasheed was Rayman Rasheed.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Rayman Rasheed had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller CloudKitchens had not purchased any other properties and had not sold any properties over the same time period. The 9,672-square-foot property generated revenue of $127,837 or $13 per square foot, according to the most recent income and expense figures.
The industrial building in Wakefield has 9,672 square feet of built space and 299 square feet of additional air rights for a total buildable of 9,999 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $634,000.
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.
On the lot, there is one active major alteration construction project for a 11,000 square-foot F-2 building. The project was submitted by Simone Sarcona with plans filed July 26, 2021 and it has not been permitted yet.
On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 9,672 square feet of the 143,557 square feet. The identified owner is Matthew Phillips.
On the tax block, there were three new building construction projects totaling 13,361 square feet. The largest is a 4,461 square-foot business (B) building submitted by John O’Shea with plans filed April 13, 2022 and it has not been permitted yet. The second largest is a 4,450 square-foot business (B) building submitted by John O’Shea with plans filed May 9, 2018 and it has not been permitted yet.
The majority, or 95 percent of the 143,557 square feet of built space are industrial buildings, with office buildings next occupying 5 percent of the space.
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