Connor Rose Realty pays $4.8M to LAL Property for 9-unit rental in Kingsbridge

Connor Rose Realty through the entity Connor Rose Essex, LLC paid $4.8 million to LAL Property Management through the entity L.A.L. Irwin Management Co., LLC for the nine-unit residential elevator building (D7) at 3174 Riverdale Avenue in Kingsbridge, Bronx. The expected use is cash flowing.
The deal closed on May 21, 2025 and was recorded on May 27, 2025. The property has 12,143 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $395 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 January 21, 2015, for $5.2 million. The signatory for LAL Property Management was Leslie A. Lerner . The signatory for Connor Rose Realty was Patrick Mitchell . The contract date was February 1, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Connor Rose Realty purchased one property in one transaction for a total of $4.8 million and has no record it sold any properties over the past 24 months.
The seller LAL Property Management had not purchased any other properties and sold two properties in two transactions for a total of $9.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Leslie Lerner, head officer and Maritza Rodriguez, agent. The business entities are Lal Property Management Corp. and Lal Irwin Management Co., Llc. The 12,143-square-foot property generated revenue of $439,071 or $36 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with nine residential units in Kingsbridge has 12,143 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 114 feet and is 39 feet deep with a total lot size of 3,120 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2017 and expires in 2032. The city-designated market value for the property in 2022 is $1.9 million. The property has 9 rent regulated units according to city tax records from 2023.

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 received $300 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 30, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 42,231 square feet of the 42,231 square feet. The identified owner is Lal Property Management.
There are no active new building construction projects on this tax block.

All properties are elevator.

The seller

The PincusCo database currently indicates that Lal Property Management owned at least nine commercial properties with 303 residential units in New York City with 294,981 square feet and a city-determined market value of $24.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 294,981 square feet of built space are walkup properties, with elevator properties next occupying 28 percent of the space. The bulk, or 95 percent of the built space, is in Bronx, with Manhattan next at 5 percent of the space.

The buyer

The PincusCo database currently indicates that Connor Rose Realty owned at least one commercial property with nine residential units in New York City with 12,541 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

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