Esteban Ramon Medina pays $6M for industrial in Van Nest

Esteban Ramon Medina through the entity 1859 Bronxdale Avenue LLC paid $6 million to Ifrain Falcon through the entity J& D Properties, Inc. for industrial building (E1) at 1859 Bronxdale Avenue in Van Nest, Bronx.
The deal closed on July 27, 2022 and was recorded on August 8, 2022. The property has 13,720 square feet of built space and 13,849 square feet of additional air rights for a total buildable of 27,480 square feet according to PincusCo analysis of city data. The sale price per built square foot is $437 and the price per buildable square foot is $218 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 Ifrain Falcon was Ifrain Falcon. The signatory for Esteban Ramon Medina was Esteban Ramon Medina. The given name was misspelled as Estban in the loan documents.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Esteban Ramon Medina had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ifrain Falcon had not purchased any other properties and had not sold any properties over the same time period. The 13,720-square-foot property generated revenue of $219,786 or $16 per square foot, according to the most recent income and expense figures.

The property

The 1859 Bronxdale Avenue parcel has frontage of 173 feet and is 152 feet deep with a total lot size of 21,984 square feet. The lot is irregular. 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 $958,000.

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 received $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Van Nest, the bulk, or 30 percent of the 3.5 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 27 percent of the space. In sales, Van Nest has the 40th highest sale turnover among other neighborhoods in Bronx with $17.6 million in sales volume in the last two years. For development, Van Nest has had very little major development activity relative to other neighborhoods.It had 46,184 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

There is one active new building construction project totaling 2,847 square feet. It is a two-unit, 2,847-square-foot R-3 building developed by Ded Tinaj with plans filed May 10, 2017 and it has not been permitted yet.

The majority, or 46 percent of the 56,407 square feet of built space are mixed-use buildings, with industrial buildings next occupying 35 percent of the space.

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