An affiliate of Nelson Management Group, Global One Investments, acquired an interest from Ogden CAP Properties through the entity CJM Foundation valued at $15.2M for the 213-unit residential elevator building at 950 Evergreen Avenue in Soundview, Bronx and 144-unit residential elevator building at 955 Evergreen Avenue in Soundview, Bronx.
The deal closed on December 29, 2021 and was recorded on January 14, 2022.
The two properties have 328,071 square feet of built space and 62,074 square feet of additional air rights for a total buildable of 390,010 square feet according to PincusCo analysis of city data. The sale price per built square foot is $46 and the price per buildable square foot is $39 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 Global One Investments was Michael Gerstein and Robert Nelson, and others.
The seller Ogden CAP Properties had not purchased any other properties and had not sold any properties over the same time period.
The two properties with a total of 328,071 square feet of built space generated revenue of $3.8 million per year or $12 per square foot. The sale price per square foot was $46.
Ogden CAP is the investment company of Philip and Connie Milstein. Global One Investments is an affiliate of Nelson Management Group.
In Soundview, the majority, or 45 percent of the 33.7 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 29 percent of the space. In sales, Soundview has had very little sales volume relative to neighborhoods in the city with $143.8 million in sales volume in the last two years. For development, Soundview is the most active neighborhood in the city. It had 12.6 million square feet of commercial construction under development in the last two years, which represents 38 percent of the neighborhood’s built space.
On the tax block, the majority, or 94 percent of the 186,306 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 5 percent of the space.
The owners according to the Department of Housing Preservation and Development includes John Mcdermott, head officer and Joseph Lopez, officer. The business entities are Grenadier Realty Corp and Evergreen Gardens Inc.
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