Griffon Ventures pays $7.2M for 41-unit walkup in Bedford Park

Yitzchok Weinberg’s Griffon Ventures through the entity 3043 GV LLC paid $7.2 million to Allen Schwartz through the entity Vilcorn, LLC for the 41-unit residential walkup building (C7) at 3043-3045 Villa Avenue in Bedford Park, Bronx.
The deal closed on May 30, 2024 and was recorded on June 18, 2024. The property has 46,585 square feet of built space and 15,887 square feet of additional air rights for a total buildable of 62,511 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $155 and the price per buildable square foot is $115 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 Griffon Ventures was Yitzchok Weinberg. Allen Schwartz sold another property to Steve Zervoudis for $7.7 million. A third property in this original trio of properties, 76 East 161st Street , has a mortgage of $4.9 million and does not yet show a sale.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Allen Schwartz, head officer and Linda Hernandez, agent. The business entities are Langsam Prop. Ser. Corp. and Vilcorn Llc. The 46,585-square-foot property generated revenue of $918,453 or $20 per square foot, according to the most recent income and expense figures.

The property

The parcel has two buildings with frontage of 127 feet and is 110 feet deep with a total lot size of 10,384 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.5 million.

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 $1,600 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 20 commercial properties representing 202,188 square feet of the 367,346 square feet. The largest owner is Allen Schwartz, followed by Arben Mitaj and then Association Of New York Catholic Homes.
On the tax block, there was one new building construction project filed totaling 9,062 square feet. It is a 21-unit, 9,062 square-foot residential (R-2) building submitted by Arben Mitaj with plans filed March 18, 2022 and it has not been permitted yet.

The majority, or 62 percent of the 367,346 square feet of built space are elevator buildings, with industrial buildings next occupying 16 percent of the space.

Direct link to Acris document. link