Denali Management through the entity 1738 U LLC paid $11.5 million to Prana Investments through the entity 1738 Universiti Ave. Bronx LLC for 73-unit residential elevator building at 1738 University Avenue in Morris Heights, Bronx.
The deal closed on January 27, 2022 and was recorded on February 7, 2022.
The property has 67,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $171 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 October 1, 2020, for $9.8 million.
The signatory for Prana Investments was Richard Herman. The signatory for Denali Management was Jonathan N. Wiener.
Prior to this transaction, the buyer Denali Management purchased 37 properties in 29 transactions for a total of $183 million and had not sold any properties over the past 24 months.
The seller Prana Investments purchased 20 properties in 17 transactions for a total of $123.1 million and had not sold any properties over the same time period.
The 67,000-square-foot property generated revenue of $1.1 million or $17 per square foot, according to the most recent income and expense figures.
Richard “Rick” Herman is vice president of transactions at Prana.
In Morris Heights, the majority, or 61 percent of the 17.8 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, Morris Heights has near average sales volume among other neighborhoods with $244.6 million in sales volume in the last two years and is the 3rd highest in Bronx. For development, Morris Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Bronx. It had 1.4 million 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.
On the tax block, the majority, or 48 percent of the 1.4 million square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 34 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Rick Herman, head officer and Ivan Rivera, site manager. The business entities were Jlp Metro Management Inc and 1738 Universiti Ave Bronx Llc.
Within a 400-foot radius of 1738 University Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
One of those five items was a sale which Invesco Real Estate bought the 148,827-square-foot, 82-unit rental (D1) on 1710 Andrews Avenue South and three other properties for $16.6 million from Property Resources Corporation on January 3, 2022.
Of those five items, four were loans above $5 million totaling $24.4 million. The most recent of the four was Matthew Schmelzer which borrowed $6.8 million from JPMorgan Chase secured by the 66,000-square-foot, 62-unit rental (D1) on 1720 University Avenue on January 2, 2020.
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