Concern for Independent Living pays $12.7M for industrial in Mt Eden

Concern for Independent Living through the entity Concern Inwood Housing Development Fund Corp. paid $12.7 million to Dragos Adrian Firescu through the entity Jerome Jsd Holdings, LLC for industrial building (F4) at 21 East Clarke Place in Mt Eden, Bronx.
The deal closed on January 25, 2023 and was recorded on February 7, 2023. The property has 21,500 square feet of built space and 108,150 square feet of additional air rights for a total buildable of 129,694 square feet according to PincusCo analysis of city data. The sale price per built square foot is $591 and the price per buildable square foot is $98 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 6, 2015, as part of a larger portfolio acquired for $9 million. The signatory for Dragos Adrian Firescu was Dragos Adrian Firescu. The signatory for Concern for Independent Living was Ralph Fasano.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Concern for Independent Living purchased one property in one transaction for a total of $7.3 million and sold one property in one transaction for a total of $2.8 million over the past 24 months.
The seller Dragos Adrian Firescu had not purchased any other properties and had not sold any properties over the same time period. The 21,500-square-foot property generated revenue of $237,790 or $11 per square foot, according to the most recent income and expense figures.

The property

The 21 East Clarke Place parcel has frontage of 99 feet and is 179 feet deep with a total lot size of 21,544 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1 million.The most recent loan totaled $18.3 million and was provided by Investors Bank on August 24, 2020.

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 not received any significant violations in the last year.

Development

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

The neighborhood

In Mt Eden, the majority, or 52 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Mt Eden has the 27th highest sale turnover among other neighborhoods in Bronx with $46.5 million in sales volume in the last two years. For development, Mt Eden has had very little major development activity relative to other neighborhoods.It had 842,745 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 296,940 square feet of the 357,940 square feet. The two identified owners are Dragos A. Firescu and Atlantic Development Group.
On the tax block, there were two new building construction projects totaling 275,888 square feet. The largest is a 255-unit, 186,712-square-foot R-2 building developed by Peter Fine with plans filed June 15, 2018 and permitted April 18, 2019. The second largest is a 131-unit, 89,176-square-foot R-2 building developed by Joseph Riegler with plans filed May 4, 2022 and it has not been permitted yet.

The majority, or 56 percent of the 357,940 square feet of built space are elevator buildings, with industrial buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Concern For Independent Living owned at least four commercial properties in New York City with 163,803 square feet and a city-determined market value of $20.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 163,803 square feet of built space are elevator properties, with specialty properties next occupying 0 percent of the space. They are all located in Brooklyn.

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