CYA Management pays $10.75M to Chaim Lipschitz for 3 walkups in Soundview

CYA Management paid $10.75 million to Chaim Lipschitz for three walkups with a total of 60 units in Soundview in three separate transactions.

In the first, CYA Management through the entity 1053 Boynton Realty LLC paid $4.3 million to Chaim Lipschitz through the entity 1053 Boynton LLC for 20-unit residential walkup building (C1) at 1053 Boynton Avenue in Soundview, Bronx.
The deal closed on July 7, 2022 and was recorded on July 21, 2022. The property has 15,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $280 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 November 7, 2012, for $1,000,000. The signatory for Chaim Lipschitz was Chaim Lipschitz. The signatory for CYA Management was Chaim Abramson. Chaim Lipschitz is CFO of Paradise Management.

In the second, CYA Management through the entity 1045 Boynton Realty LLC paid $3.6 million to Chaim Lipschitz through the entity 1045 Boynton Ave LLC for 20-unit residential walkup building (C1) at 1045 Boynton Avenue in Soundview, Bronx.
The deal closed on July 7, 2022 and was recorded on July 21, 2022.The property has 15,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $230 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, 2019, for $1.5 million. The signatory for Chaim Lipschitz was Chaim Lipschitz. The signatory for CYA Management was Chaim Abramson.

In the third, CYA Management through the entity 1040 Boynton Realty LLC paid $2.8 million to Chaim Lipschitz through the entity 1040 Boynton LLC for 20-unit residential walkup building (C1) at 1040 Boynton Avenue in Soundview, Bronx.
The deal closed on July 7, 2022 and was recorded on July 21, 2022.The property has 15,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $182 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 November 7, 2012, for $1,000,000. The signatory for Chaim Lipschitz was Chaim Lipschitz. The signatory for CYA Management was Chaim Abramson.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer CYA Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Chaim Lipschitz had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Danny Salinas, head officer. The business entity is 1053 Boynton Llc. The 15,500-square-foot property generated revenue of $265,263 or $17 per square foot, according to the most recent income and expense figures.

The property

The 1053 Boynton Avenue 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 city-designated market value for the property in 2022 is $785,000.

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 received 20 housing violations and $150 in OATH penalties 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 block

On this tax block, PincusCo has identified the owners of six of the nine commercial properties representing 257,064 square feet of the 385,164 square feet. The largest owner is New York City Housing Authority, followed by Eric Miller and then MP Management. There is one active new building construction project totaling 12,782 square feet. It is a 16-unit, 12,782-square-foot R-2 building developed by Gjergj Bujaj with plans filed April 18, 2022 and it has not been permitted yet.

the majority, or 88 percent of the 385,164 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.

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