Genesis Realty signs contract to buy two Bronx rentals that last sold for total of $12M

Jac Zadrima’s Genesis Realty Group as buyer signed contracts with seller Laura O’Shea to purchase two residential buildings in the Bronx, 273 East 239th Street in Woodlawn Heights in Woodlawn Heights and 2870 Marion Avenue in Bedford Park in two separate filings. The sale prices were not disclosed. Laura O’Shea bought the two buildings in separate transactions for a total of $12.1 million.

In the first contract, Genesis Realty Group through the entity Rrok Funding LLC signed a contract with Laura O’Shea through the entity Turner Operating LLC to purchase the 49-unit residential walkup building (C1) at 273 East 239th Street in Woodlawn Heights, Bronx. The expected use is cash flowing.
The memorandum of contract was signed on June 17, 2024 and was recorded on August 26, 2024. The property has 52,652 square feet of built space according to a PincusCo analysis of city data.
The seller bought the property on April 28, 2022, for $8 million. The signatory for Laura O’Shea was Laura O’Shea. The signatory for Genesis Realty Group was Jac Zadrima. Laura O’Shea bought it in April 2022 for $8 million.

In the second, Genesis Realty Group through the entity Rrok Funding LLC signed a contract with Laura O’Shea through the entity Marion Square LLC for the 44-unit residential elevator building (D1) at 2870 Marion Avenue in Bedford Park, Bronx. The expected use is cash flowing. The memorandum of contract was signed on June 17, 2024 and was recorded on August 26, 2024. The property has 55,226 square feet of built space according to a PincusCo analysis of city data.

The seller bought the property on November 24, 2020, for $4.1 million. The signatory for Laura O’Shea was Laura O’Shea. The signatory for Genesis Realty Group was Jac Zadrima.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Genesis Realty Group had purchased any other properties and sold four properties in four transactions for a total of $5.2 million over the past 24 months.
The seller Laura O’Shea purchased one property in one transaction for a total of $1.8 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jack O’Shea, head officer and Alan Lyons, site manager. The business entities are Livingston Management Services Llc and Turner Operating Llc. The 52,652-square-foot property generated revenue of $562,634 or $11 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 49 residential units in Woodlawn Heights has 52,652 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 155 feet and is 100 feet deep with a total lot size of 15,499 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 $1.8 million. The most recent loan totaled $5.7 million and was provided by Greystone & Co. on April 28, 2022.

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 received 12 housing 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 block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 52,652 square feet of the 56,052 square feet. The identified owner is Laura O’Shea.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 56,052 square feet of built space are walkup buildings, with retail buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Laura O’Shea owned at least two commercial properties with 58 residential units in New York City with 62,332 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.7 million in debt, borrowed from Greystone & Co.. Within the portfolio, all identified are walkup properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Genesis Realty Group owned at least 43 commercial properties with 1,316 residential units in New York City with 1,347,733 square feet and a city-determined market value of $92.8 million. (Market value is typically about 50% of actual value.) The portfolio has $118.2 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 50 percent of the 1,347,733 square feet of built space are elevator properties, with walkup properties next occupying 47 percent of the space. The bulk, or 94 percent of the built space, is in Bronx, with Manhattan next at 6 percent of the space.

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