Essen Health Care pays $5.5M for industrial in Westchester Square

Essen Health Care, a medical services company, through the entity 2472 Butler Place LLC paid $5.5 million to the entity 4 Seas Realty LLC for the industrial building (G2) at 2472 Butler Place in Westchester Square, Bronx. The expected use is owner-occupied.
The deal closed on July 7, 2025 and was recorded on July 21, 2025. The property has 15,200 square feet of built space and 966 square feet of additional air rights for a total buildable of 16,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $361 and the price per buildable square foot is $341 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 the former owner Marc H. Shur was Mark M. Altschul . The signatory for Essen Health Care was Sumir Sahgal . The contract date was April 16, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Essen Medical Associates had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Marc H. Shur had not purchased any other properties and had not sold any properties over the same time period. The 15,200-square-foot property generated revenue of $217,096 or $14 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Westchester Square has 15,200 square feet of built space and 966 square feet of additional air rights for a total buildable of 16,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 218 feet and is 77 feet deep with a total lot size of 16,100 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing 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 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 neighborhood

In Westchester Square, The bulk, or 30 percent of the 5.3 million square feet of commercial built space are walkup buildings, with office buildings next occupying 18 percent of the space. In sales, Westchester Square has had very little sales volume relative to other neighborhoods with $92.1 million in sales volume in the last two years. For development, Westchester Square has had very little major development activity relative to other neighborhoods.It had 256,648 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. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 11,500 square feet of the 68,505 square feet. The identified owner is Sumir P. Sahgal.
There are no active new building construction projects on this tax block.

All properties are industrial.

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