David Somerstein pays $23.1M to Jack Notrica for 130-unit Bronx walkup portfolio, hotel

David Somerstein pays $23.1 million to Jack Notrica for four walkup buildings with a total of 130 residential units and a hotel building in the Bronx, in five separate transactions.

In the largest, David Somerstein through the entity 963 Prospect Edms Realty LLC paid $7.3 million to Jack Notrica through the entity 963 Prospect Realty Corp. for hotel building at 963 Prospect Avenue in Morrisania, Bronx.

The deal closed on January 14, 2022 and was recorded on January 27, 2022.
The property has 13,470 square feet of built space and 5,569 square feet of additional air rights for a total buildable of 19,063 square feet according to PincusCo analysis of city data. The sale price per built square foot is $539 and the price per buildable square foot is $381 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 signatory for Jack Notrica was Jack Notrica. The signatory for David Somerstein was David Somerstein.

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In the second, David Somerstein through the entity 2287 Edms Realty LLC paid $5.8 million to Jack Notrica through the entity Tar-Rob Prop. Inc. for 60-unit residential walkup building at 2287 University Avenue in University Heights, Bronx.
The deal closed on January 14, 2022 and was recorded on January 27, 2022.
The property has 16,470 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $352 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 signatory for Jack Notrica was Jack Notrica. The signatory for David Somerstein was David Somerstein.
Prior to this transaction, the buyer David Somerstein purchased one properties in one transactions for a total of $4 million and had not sold any properties over the past 24 months.
The seller Jack Notrica had not purchased any other properties and had not sold any properties over the same time period.
The 16,470-square-foot property generated revenue of $350,760 or $21 per square foot, according to the most recent income and expense figures.
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In the third, David Somerstein through the entity 2323 Davidson Bronx Realty LLC paid $4.7 million to Jack Notrica through the entity Jmtr Prop. Inc. for 11-unit residential walkup building at 2323 Davidson Avenue in University Heights, Bronx.
The deal closed on January 14, 2022 and was recorded on January 27, 2022.
The property has 11,250 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $416 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 signatory for Jack Notrica was Jack Notrica. The signatory for David Somerstein was David Somerstein.
Prior to this transaction, the buyer David Somerstein purchased one properties in one transactions for a total of $4 million and had not sold any properties over the past 24 months.
The seller Jack Notrica had not purchased any other properties and had not sold any properties over the same time period.
The 11,250-square-foot property generated revenue of $223,033 or $20 per square foot, according to the most recent income and expense figures.

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In the fourth, David Somerstein through the entity 1848 Anthony Edms Realty LLC paid $2.9 million to Jack Notrica through the entity Robyn Dana Properties Inc. for 32-unit residential walkup building at 1848 Anthony Avenue in Mt Hope, Bronx.
The deal closed on January 14, 2022 and was recorded on January 27, 2022.
The property has 9,000 square feet of built space and 644 square feet of additional air rights for a total buildable of 9,632 square feet according to PincusCo analysis of city data. The sale price per built square foot is $319 and the price per buildable square foot is $298 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 signatory for Jack Notrica was Jack Notrica. The signatory for David Somerstein was David Somerstein.
Prior to this transaction, the buyer David Somerstein purchased one properties in one transactions for a total of $4 million and had not sold any properties over the past 24 months.
The seller Jack Notrica had not purchased any other properties and had not sold any properties over the same time period.
The 9,000-square-foot property generated revenue of $322,529 or $36 per square foot, according to the most recent income and expense figures.

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In the fifth, David Somerstein through the entity 719 Prospect Edms Realty LLC paid $2.5 million to Jack Notrica through the entity 719 Prospect Realty Corp. for 27-unit residential walkup building at 719 Prospect Avenue in Longwood, Bronx.
The deal closed on January 14, 2022 and was recorded on January 27, 2022.
The property has 6,840 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $366 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 signatory for Jack Notrica was Jack Notrica. The signatory for David Somerstein was David Somerstein.
Prior to this transaction, the buyer David Somerstein purchased one properties in one transactions for a total of $4 million and had not sold any properties over the past 24 months.
The seller Jack Notrica had not purchased any other properties and had not sold any properties over the same time period.
The 6,840-square-foot property generated revenue of $120,266 or $18 per square foot, according to the most recent income and expense figures.

Direct link to Acris document. link