Gabriel Prime Realty pays $3.2M for residential walkup in Mott Haven
Gabriel Prime Realty Inc. through the entity 575 E 137 St Realty, LLC paid $3.2 million to Carlos Ramos through the entity 575 E. 137th St. Real Estate, Inc. for the 12-unit residential walkup building (C7) at 575 East 137th Street in Mott Haven, Bronx.
The deal closed on December 1, 2022 and was recorded on December 13, 2022. The property has 11,875 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $273 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 Carlos Ramos was Carlos Ramos. The signatory for Gabriel Prime Realty Inc. was Arthur Gabriel.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Gabriel Prime Realty Inc. purchased two properties in two transactions for a total of $22.6 million and has no record it sold any properties over the past 24 months.
The seller Carlos Ramos had not purchased any other properties and sold one properties in one transactions for a total of $2.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Carlos Ramos, head officer and Julian Martinez, site manager. The business entity is 575 E. 137th St. Real Estate, Inc. The 11,875-square-foot property generated revenue of $331,884 or $28 per square foot, according to the most recent income and expense figures.
The property
The 575 East 137th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2007 and expires in 2041. The city-designated market value for the property in 2022 is $1.2 million.
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 one housing violation and $7,700 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 block
On this tax block, PincusCo has identified the owners of nine of the 27 commercial properties representing 163,829 square feet of the 332,026 square feet. The largest owner is Lemle & Wolff, followed by Howard Kowlowitz and then Mustafa Realty Corp..
On the tax block, there were three new building construction projects totaling 22,437 square feet. The largest is a eight-unit, 7,500-square-foot R-2 building developed by Shalev Shoshani with plans filed September 25, 2017 and it has not been permitted yet.The second largest is a eight-unit, 7,500-square-foot R-2 building developed by Shalev Shoshani with plans filed September 25, 2017 and it has not been permitted yet.
the majority, or 66 percent of the 332,026 square feet of built space are walkup buildings, with retail buildings next occupying 20 percent of the space.
The buyer
The PincusCo database currently indicates that Gabriel Prime Realty Inc. owned at least two commercial properties in New York City with 125,084 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from Signature Bank. Within the portfolio, all identified are walkup properties. They are all located in Bronx.
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