Dennis & Co. Auto Group pays $4M for industrial in Bedford Park

Dennis & Co. Auto Group through the entity Dco Realty 3230 Jerome LLC paid $4 million to Martha Steadman through the entity Tri Star Garage Service Corp. for the industrial building (G9) at 3230 Jerome Avenue in Bedford Park, Bronx.
The deal closed on June 15, 2023 and was recorded on June 29, 2023. The property has 34,733 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $115 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 Martha Steadman was Martha Steadman. The signatory for Dennis & Co. Auto Group was Brian J. Dennis.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Dennis & Co. Auto Group purchased two properties in one transaction for a total of $35 million and has no record it sold any properties over the past 24 months.
The seller Martha Steadman had not purchased any other properties and had not sold any properties over the same time period. The 34,733-square-foot property generated revenue of $318,154 or $9 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Bedford Park has 34,733 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 130 feet deep with a total lot size of 17,366 square feet. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.4 million.

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 received $50 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 $1 million on this tax lot.

The neighborhood

In Bedford Park, The bulk, or 49 percent of the 20.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Bedford Park has the 24th highest sale turnover among other neighborhoods in Bronx with $70.2 million in sales volume in the last two years. For development, Bedford Park has near average amount of major developments among other neighborhoods and is the 4th highest in Bronx. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 177,861 square feet of the 398,795 square feet. The largest owner is Shpresa Xhakli, followed by Related Companies and then Carmelo Giuffre.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 398,795 square feet of built space are elevator buildings, with walkup buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Dennis & Co. Auto Group owned at least two commercial properties in New York City with 16,725 square feet and a city-determined market value of $4.2 million. (Market value is typically about 50% of actual value.) The portfolio has $17.5 million in debt, borrowed from Wells Fargo. Within the portfolio, all identified are industrial properties. They are all located in Queens.

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