Fran Cotaj pays $4.7M for 27-unit walkup in Schuylerville
2820 Middletown Road (Credit - Google)
Fran Cotaj through the entity Mika Realty LLC paid $4.7 million to Vito Sacchetti through the entity Middletown Partners LLC for 27-unit residential walkup building (C7) at 2820 Middletown Road in Schuylerville, Bronx.
The deal closed on June 24, 2022 and was recorded on July 11, 2022. The property has 25,200 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $186 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 January 20, 2015, for $3.6 million.
Prior sales and revenue
The former owners according to the Department of Housing Preservation and Development includes Vito Siciliano, head officer and Robeto Cabrera, site manager. The business entities are Rhamco and Middletown Partners Llc. The 25,200-square-foot property generated revenue of $428,913 or $17 per square foot, according to the most recent income and expense figures.
The property
The 2820 Middletown Road parcel has frontage of 75 feet and is 101 feet deep with a total lot size of 7,647 square feet. The zoning is R4A which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $992,000.
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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
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 Schuylerville, the bulk, or 33 percent of the 2.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 27 percent of the space. In sales, Schuylerville has not had any sales in the last two years. For development, Schuylerville has had very little major development activity relative to other neighborhoods.It had 625,335 square feet of commercial and multi-family construction under development in the last two years, which represents 26 percent of the neighborhood’s built space.
The block
There is one active new building construction project totaling 2,520 square feet. It is a 2,520-square-foot U building developed by Luka Peogjonaj with plans filed June 18, 2013 and permitted November 17, 2014.
The majority, or 62 percent of the 40,485 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 18 percent of the space.
Surrounding
PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 2820 Middletown Road that occurred over the past 24 months.
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