Emeric Weinstock through the entity Villa 26 LLC paid $4.5 million to private equity firm Angelo Gordon and developer Spaxel through the entity AG-Spaxel 3165 Property Owner, L.L.C. for the development parcel (V0) at 3165 Villa Avenue in Bedford Park, Bronx.
On the lot, there is one active new building construction project for a 57-unit, 39,129 square-foot R-2 building. The project was submitted by Max Kozlowitz of Deergrow Developments with plans filed January 18, 2018 and permitted May 5, 2022.
The sale closed on September 29, 2023 and was recorded on October 24, 2023. The property has 8,316 square feet of built space and 30,588 square feet of additional air rights for a total buildable of 38,931 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $541 and the price per buildable 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 seller bought the property on April 9, 2021, for $2.1 million. The signatory for Angelo Gordon and Spaxel was Cory Elbaum. The signatory for Emeric Weinstock was Emeric Weinstock. The contract date was June 12, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Emeric Weinstock had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Angelo Gordon purchased two properties in two transactions for a total of $62 million and had not sold any properties over the same time period.
The development parcel in Bedford Park has 8,316 square feet of built space and 30,588 square feet of additional air rights for a total buildable of 38,931 square feet according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 100 feet deep with a total lot size of 6,467 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $891,000. The most recent loan totaled $11.7 million and was provided by Sterling National Bank on April 9, 2021.
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 $950 in OATH penalties in the last year.
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 26th highest sale turnover among other neighborhoods in Bronx with $56.6 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 5 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 154,172 square feet of the 207,262 square feet. The largest owner is Stagg Group, followed by East Coast Holdings and then Atlantic Development Group.
On the tax block, there were two new building construction projects totaling 49,097 square feet. The largest is a 57-unit, 39,129 square-foot residential (R-2) building submitted by Max Kozlowitz with plans filed January 18, 2018 and permitted May 5, 2022. The second largest is a 9,968 square-foot building submitted by Bernard Blumenthal and filed by Bernard Blumenthal with plans filed January 24, 2023 and it has not been permitted yet.
The majority, or 65 percent of the 207,262 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.
The PincusCo database currently indicates that Spaxel owned at least 13 commercial properties with 60 residential units in New York City with 50,289 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) The portfolio has $17.2 million in debt, borrowed from Metropolitan Commercial Bank and Sterling National Bank. Within the portfolio, the bulk, or 55 percent of the 50,289 square feet of built space are elevator properties, with C0 properties next occupying 11 percent of the space. They are all located in Bronx.
The PincusCo database currently indicates that Angelo Gordon owned at least six commercial properties with 176 residential units in New York City with 776,167 square feet and a city-determined market value of $208.9 million. (Market value is typically about 50% of actual value.) The portfolio has $108.7 million in debt, with top three lenders as Metropolitan Commercial Bank, Ladder Capital, and Sterling National Bank respectively. Within the portfolio, the bulk, or 81 percent of the 776,167 square feet of built space are office properties, with elevator properties next occupying 15 percent of the space. The bulk, or 84 percent of the built space, is in Manhattan, with Bronx next at 16 percent of the space.
The PincusCo database currently indicates that Emeric Weinstock owned at least one commercial property with three residential units in New York City with 3,340 square feet and a city-determined market value of $820,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C0 property. It is located in Bronx.
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