Edward Ostad pays $10.5M to Vanbarton Group for two properties in Fordham Heights

Edward Ostad through the entity 2374 Gc LLC paid $10.5 million to the Vanbarton Group through the entity Eib Grand Concourse LLC for the retail building at 2374 Grand Concourse in Fordham Heights, Bronx and development building at N/A Grand Concourse in Fordham Heights, Bronx.
The deal closed on January 6, 2022 and was recorded on January 28, 2022.
The two properties have 19,434 square feet of built space and 15,603 square feet of additional air rights for a total buildable of 35,074 square feet according to PincusCo analysis of city data. The sale price per built square foot is $540 and the price per buildable square foot is $299 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 Vanbarton Group was Justin B. Kleinman. The signatory for Edward Ostad was Edward Ostad.
Prior to this transaction, the buyer Edward Ostad purchased two properties in two transactions for a total of $12.2 million and had not sold any properties over the past 24 months.
The seller Vanbarton Group purchased two hotels and a development site in three transactions for a total of $317 million and had not sold any properties over the same time period.

Out of the two properties that were just sold, one with a total of 19,434 square feet of built space generated revenue of $803,333 per year.

(220229429)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 1, 2014.
Justin B. Kleinman is the principal and CEO of the Vanbarton Group.

In Fordham Heights, the bulk, or 43 percent of the 17.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 33 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $101 million in sales volume in the last two years. For development, Fordham Heights has 2.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Bronx. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
On the tax block, the majority, or 31 percent of the 592,777 square feet of built space are residential walkup buildings, with office buildings next occupying 28 percent of the space.
Within a 400-foot radius of 2374 Grand Concourse, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Alexis Baez bought the 21,176-square-foot, 27-unit rental (C7) on 2359 Grand Concourse for $6.5 million from Rettner Building Management on October 29, 2021.
Of those three items, two were loans above $5 million totaling $23 million. The most recent of the two was Edward Ostad which borrowed $11.5 million from Signature Bank secured by the 30,775-square-foot, 38-unit rental (C7) on 2356 Grand Concourse and one other property on April 6, 2021.

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