Donavan Whyte pays $1.6M for 16-unit walkup in Wakefield

Donavan Whyte through the entity 859 East 227 LLC paid $1.6 million to Ingrid Austin and Campbelle Austin through the entity 859 E 227 St., Inc. for the 16-unit residential walkup building (C1) at 859 East 227th Street in Wakefield, Bronx.
The deal closed on June 27, 2023 and was recorded on July 26, 2023. The property has 9,880 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $167 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 Ingrid Austin and Campbelle Austin was Charles W. Weiss. The signatory for Donavan Whyte was Donavan Whyte.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Donavan Whyte had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ingrid Austin had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ingrid Austin, head officer and Campbelle Austin, officer. The business entity is 859 E 227th Street, Inc. The 9,880-square-foot property generated revenue of $147,904 or $15 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Wakefield has 9,880 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 114 feet deep with a total lot size of 5,708 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $509,000.

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 block

There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 31,920 square feet of built space are walkup buildings, with office buildings next occupying 19 percent of the space.

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