Phipps Houses pays $3M to Jagjit Singh for retail in Tremont

UPDATED July 27, 2023, 6:54 a.m.: Phipps Houses through the entity East 182 Street Associates, LLC paid $3 million to Jagjit Singh through the entity Galhain Realty LLC for the retail building (G4) at 820 East 182nd Street in Tremont, Bronx.
The deal closed on May 20, 2021 and was recorded on June 4, 2021.
The property has 1,465 square feet of built space and 22,432 square feet of additional air rights for a total buildable of 23,890 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $125 per the PincusCo analysis.
The owner bought the property on 16-Nov-20, for $1.5 million.
The signatory for Jagjit Singh was Jagjit Singh. The signatory for the buyer was the Cornerstone Group’s Bert Baradarian.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000.

Correction: A prior version of this post incorrectly identified the buyer as the Cornerstone Group, when in fact it was Phipps Houses.

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