EM Group pays $6.7M for 22-unit rental in Pelham Bay

EM Group through the entity Parkview Partners Realty LLC paid $6.7 million to Farhad Bokhour through the entity 1701 Parkview Bronx LLC for the 22-unit residential elevator building (D1) at 1701 Parkview Avenue in Pelham Bay, Bronx.
The deal closed on December 1, 2022 and was recorded on December 13, 2022. The property has 21,042 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $318 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 Farhad Bokhour was Farhad Bokhour. The signatory for EM Group was Edion Mecaj.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer EM Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Farhad Bokhour purchased one property in one transaction for a total of $2 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Nissan Cohen, head officer and Farhad Bokhour, officer. The business entity is 1701 Parkview Bronx Llc. The 21,042-square-foot property generated revenue of $347,674 or $17 per square foot, according to the most recent income and expense figures.

The property

The 1701 Parkview Avenue parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2019.0 and expires in 2055.0. The city-designated market value for the property in 2022 is $1.4 million.The most recent loan totaled 0.0 and was provided by PIMCO on September 28, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 29, 2018. On the lot, there is one active new building construction project for a 22-unit, 17,193 square-foot R-2 building. The project was developed by Pejman Sarraf with plans filed September 9, 2014 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 21,042 square feet of the 161,783 square feet. The identified owner is Nissan Cohen.
On the tax block, there was one new building construction project filed totaling 17,193 square feet. It is a 22-unit, 17,193-square-foot R-2 building developed by Pejman Sarraf with plans filed September 9, 2014 and it has not been permitted yet.

The majority, or 60 percent of the 161,783 square feet of built space are elevator buildings, with walkup buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Farhad Bokhour owned at least six commercial properties in New York City with 59,434 square feet and a city-determined market value of $11.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 59,434 square feet of built space are walkup properties, with elevator properties next occupying 18 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Manhattan next at 29 percent of the space.

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