David Somerstein pays $5M to Jack Notrica for three specialty buildings in East Morrisania

David Somerstein through the entity Hoe Avenue EDMS Realty LLC paid $5 million to Jack Notrica through the entity 1212-1218 Hoe Avenue Realty Corp. for 22-unit specialty building at 1214 Hoe Avenue in East Morrisania, Bronx, 17-unit specialty building at 1216 Hoe Avenue in East Morrisania, Bronx, and 17-unit specialty building at 1218 Hoe Avenue in East Morrisania, Bronx.
The deal closed on January 14, 2022 and was recorded on February 10, 2022.
The three properties have 23,246 square feet of built space and 11,150 square feet of additional air rights for a total buildable of 34,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $215 and the price per buildable square foot is $145 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 six properties in six transactions for a total of $27.1 million and had not sold any properties over the past 24 months.
The seller Jack Notrica had not purchased any other properties and sold five properties in five transactions for a total of $23.1 million over the same time period.

In East Morrisania, the bulk, or 32 percent of the 15.9 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space. In sales, East Morrisania has had very little sales volume relative to other neighborhoods with $78.6 million in sales volume in the last two years. For development, East Morrisania has near average amount of major developments among other neighborhoods and is the 10th highest in Bronx. It had 812,328 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
On the tax block, the majority, or 72 percent of the 112,600 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 21 percent of the space.
Within a 400-foot radius of 1214 Hoe Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on October 7, 2021 for a 10,979-square-foot R-2 building with eight residential units at 959 Home Street.
One of those three items was a sale which Workforce Housing Group and UHAB bought the 22,000-square-foot, 20-unit rental (C7) on 1208 Southern Boulevard and six other properties for $14.5 million from PRB Realty Corp. on September 2, 2020.
One of those three items was a loan which Workforce Housing Group borrowed $16.2 million from National Equity Fund secured by the 22,000-square-foot, 20-unit rental (C7) on 1208 Southern Boulevard and six other properties on September 2, 2020.

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