Gabriel Prime Realty pays $20M to Melanie Hofer for 126-unit walkup in Bronx

Gabriel Prime Realty paid $20 million to Melanie Hofer through the entity Good Day Apartments Inc. for the 126-unit residential walkup building at 2200 Powell Avenue in Unionport, Bronx.
The deal closed on March 15, 2022 and was recorded on March 24, 2022. The property has 115,904 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $172 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 Melanie Hofer was Melanie Hofer. The signatory for Gabriel Prime Realty Inc. was Arthur Gabriel. Gabriel Law, a personal injury law firm, is located at the same address as buyer LLC.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gabriel Prime Realty Inc. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Melanie Hofer had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Melanie Hofer, head officer and Richard Hofer, head officer. The business entity is Good Day Apartments Inc. The 115,904-square-foot property generated revenue of $1.8 million or $15 per square foot, according to the most recent income and expense figures.

The property

The 2200 Powell Avenue parcel has frontage of 206 feet and is 180 feet deep with a total lot size of 37,080 square feet. 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 $4.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received one DOB violation 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 Unionport, the bulk, or 41 percent of the 12.2 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 19 percent of the space. In sales, Unionport has had very little sales volume relative to other neighborhoods with $125.8 million in sales volume in the last two years. For development, Unionport has had very little major development activity relative to other neighborhoods.It had 122,145 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

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 49,120 square feet of the 201,648 square feet. The identified owner is Shloime Rosenberg. There are no active new building construction projects on this tax block.

the majority, or 77 percent of the 263,120 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 23 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 2200 Powell Avenue that occurred over the past 24 months.

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