Connor Rose Realty pays $4.8M to LAL Property for 9-unit walkup in Riverdale

Patrick Mitchell’s Connor Rose Realty through the entity Connor Rose of Riverdale LLC paid $4.8 million to LAL Property Management through the entity L.A.L. Rive Management Company, LLC for the nine-unit residential walkup building (C7) at 531 West 235th Street in Riverdale, Bronx. The expected use is cash flowing.
The deal closed on December 12, 2024 and was recorded on December 19, 2024. The property has 12,541 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $378 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 July 30, 2015, for $5.3 million. The signatory for LAL Property Management was Leslie A. Lerner. The signatory for Connor Rose Realty was Patrick Mitchell. The contract date was October 28, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Connor Rose Realty had purchased any other properties 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 one property in one transaction for a total of $5.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Leslie Lerner, head officer and Leonat Suli, site manager. The business entities are Lal Property Management Corp. and Lal Rive Management Co.,Llc.

The property

The residential walkup building with 9 residential units in Riverdale has 12,541 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. 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 2011 and expires in 2026. The city-designated market value for the property in 2022 is $2.3 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 $450 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 18, 2013. 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 115,933 square feet of the 115,933 square feet. The two identified owners are Meyer Jeger and Lal Property Management.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 115,933 square feet of built space are elevator buildings, with walkup buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that LAL Property Management owned at least 10 commercial properties with 312 residential units in New York City with 307,522 square feet and a city-determined market value of $26.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 307,522 square feet of built space are walkup properties, with elevator properties next occupying 27 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.

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