Goldmont Realty pays $7.9M to RJ Equities for residential elevator in Fordham Manor

Goldmont Realty through the entity Devoewebb II LLC paid $7.9 million to RJ Equities through the entity Aaron Partners LLC for 72-unit residential elevator building (D1) at 2483 Devoe Terrace in Fordham Manor, Bronx.
The deal closed on September 23, 2022 and was recorded on October 4, 2022. The property has 75,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $105 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 April 24, 2014, for $6.3 million. The signatory for RJ Equities was Joshua Damesek. The signatory for Goldmont Realty was Leon Goldberg.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Goldmont Realty purchased two properties in two transactions for a total of $6.3 million and sold 30 properties in one transactions for a total of $12.9 million over the past 24 months.
The seller RJ Equities 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 Joshua Damesek, head officer and Francisco Polanco, site manager. The business entity is Aaron Partners Llc. The 75,000-square-foot property generated revenue of $913,663 or $12 per square foot, according to the most recent income and expense figures.

The property

The 2483 Devoe Terrace parcel has frontage of 93 feet and is 154 feet deep with a total lot size of 14,310 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3 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 42 housing violations and $600 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 10 of the 21 commercial properties representing 428,912 square feet of the 708,973 square feet. The largest owner is Ignacio Castillo, followed by Philip Goldfarb and then Prana Investments.
On the tax block, there were two new building construction projects totaling 10,891 square feet. The largest is a nine-unit, 5,861-square-foot R-2 building developed by Ming Ye Yu with plans filed April 13, 2018 and permitted February 28, 2020. The second largest is a eight-unit, 5,030-square-foot R-2 building developed by Ming Ye Yu with plans filed April 13, 2018 and permitted February 28, 2020.

The majority, or 69 percent of the 708,973 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that RJ Equities owned at least two commercial properties in New York City with 109,722 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are elevator properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Goldmont Realty owned at least 38 commercial properties in New York City with 1,591,883 square feet and a city-determined market value of $91.2 million. (Market value is typically about 50% of actual value.) The portfolio has $7.5 million in debt, borrowed from Valley National Bank. Within the portfolio, the bulk, or 83 percent of the 1,591,883 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.

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