Gregory Harvey pays $5.7M to Bernard Margalit for retail in Concourse Village

Gregory Harvey through the entity Franklin Avenue Enterprise Corp. paid $5.7 million to Bernard Margalit through the entity SST Village West Realty Corporation for the midblock retail building at 763 Concourse Village West in Concourse Village, Bronx.
The deal closed on April 18, 2022 and was recorded on May 9, 2022. The property has 17,625 square feet of built space and 22,918 square feet of additional air rights for a total buildable of 40,564 square feet according to PincusCo analysis of city data. The sale price per built square foot is $323 and the price per buildable square foot is $140 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 Bernard Margalit was Bernard Margalit. The signatory for Gregory Harvey was Gregory Harvey.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Gregory Harvey had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bernard Margalit had not purchased any other properties and had not sold any properties over the same time period.

The property

The 763 Concourse Village W parcel has frontage of 161 feet and is 125 feet deep with a total lot size of 20,282 square feet. The zoning is C8-3 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.4 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 $100 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 neighborhood

In Concourse Village, the bulk, or 41 percent of the 22.1 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space. In sales, Concourse Village has had very little sales volume relative to other neighborhoods with $59.1 million in sales volume in the last two years. For development, Concourse Village has had very little major development activity relative to other neighborhoods.It had 416,198 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 21 commercial properties representing 450,900 square feet of the 1,157,225 square feet. The two identified owners are Ezriel Weinberger and Mark Drakotos. There are three active new building construction projects totaling 211,047 square feet. The largest is a 114-unit, 87,339-square-foot R-2 building developed by Guido Subotovsky with plans filed March 8, 2017 and permitted June 4, 2018. The second largest is a 94-unit, 77,205-square-foot R-2 building developed by Guido Subotovsky with plans filed March 7, 2017 and permitted June 4, 2018.

The majority, or 88 percent of the 1.2 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 6 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 763 Concourse Village W that occurred over the past 24 months.

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