Dan Shavolian of Foremost pays $4.8M for dev site in Mt Hope

Dan Shavolian of Foremost Real Estate through the entity 1932 Jerome Ave LLC paid $4.8 million to Ronald Gilbert through the entity Mikal Management Co., Inc. for the industrial building (G2) at 1932 Jerome Avenue in Mt Hope, Bronx. The expected use is ground up development.
The deal closed on January 6, 2025 and was recorded on January 9, 2025. The property has 10,300 square feet of built space and 51,831 square feet of additional air rights for a total buildable of 62,156 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $464 and the price per buildable square foot is $76 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 June 8, 2017, for $2 million. The signatory for Ronald Gilbert was Ronald Gilbert. The signatory for Foremost Real Estate was Dan Shavolian. The contract date was January 31, 2024.
The brokerage Gilco Realty was marketing the property.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Foremost Real Estate had purchased any other properties and sold one property in one transaction for a total of $46.4 million over the past 24 months.
The seller Ronald Gilbert had not purchased any other properties and sold two properties in one transaction for a total of $7.2 million over the same time period.

The property

The industrial building in Mt Hope has 10,300 square feet of built space and 51,831 square feet of additional air rights for a total buildable of 62,156 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 105 feet deep with a total lot size of 10,325 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $715,000.

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 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 $1 million on this tax lot.

The neighborhood

In Mt Hope, The majority, or 57 percent of the 11 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Mt Hope has the 19th highest sale turnover among other neighborhoods in Bronx with $69.7 million in sales volume in the last two years. For development, Mt Hope has had very little major development activity relative to other neighborhoods.It had 922,914 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 three of the 11 commercial properties representing 8,752 square feet of the 93,102 square feet. The largest owner is Seton Educational Partners, followed by Vaya Development and then Steven Chera.
On the tax block, there were two new building construction projects totaling 145,075 square feet. The largest is a 114-unit, 77,855 square-foot residential (R-2) building submitted by Melissa Bindra with plans filed August 22, 2022 and permitted August 5, 2024. The second largest is a 67,220 square-foot educational (E) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed October 8, 2021 and permitted February 27, 2024.

The majority, or 75 percent of the 93,102 square feet of built space are industrial buildings, with mixed-use buildings next occupying 16 percent of the space.

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