iLearn Schools pays $6.8M for office in Throgs Neck

New Jersey-based iLearn Schools through the entity 2800 Bruckner Blvd Owner, LLC paid $6.8 million to Martin Handler through the entity 2800 Bruckner Enterprises LLC for the office building (O2) at 2800 Bruckner Boulevard in Throgs Neck, Bronx. The expected use is owner-occupied.
The deal closed on December 20, 2024 and was recorded on January 7, 2025. The property has 20,812 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $329 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 November 5, 2021, for $6.3 million. The signatory for Martin Handler was Martin Handler. The signatory for iLearn Schools was Mustafa Caban. The contract date was June 6, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer iLearn Schools had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Martin Handler had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Throgs Neck has 20,812 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 201 feet and is 87 feet deep with a total lot size of 17,466 square feet. The zoning is R3A which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.2 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 $590 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 neighborhood

In Throgs Neck, The bulk, or 36 percent of the 5.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 29 percent of the space. In sales, Throgs Neck has the 36th highest sale turnover among other neighborhoods in Bronx with $19.6 million in sales volume in the last two years. For development, Throgs Neck has had very little major development activity relative to other neighborhoods.It had -204,735 square feet of commercial and multi-family construction under development in the last two years, which represents -3.81 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 20,812 square feet of the 20,812 square feet. The identified owner is Martin Handler.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 20,812 square feet of built space are office buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Martin Handler owned at least one commercial property in New York City with 20,812 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Bronx.

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