InterVest pays $60M to Taconic, Clarion for 503 units in Bronx

InterVest Capital Partners paid $60 million to Taconic Partners and Clarion Partners for 14 buildings with a total of 503 units in the Bronx in seven separate transactions. The purchase was financed with a loan from Webster Bank totaling $47.5 million. InterVest is the company formerly known as Wafra.

In the first transaction, InterVest Capital Partners through the entity Icp Gerard LLC paid $12.8 million to Taconic Partners through the entity Qc Gerard LLC for the 60-unit residential walkup building (C1) at 1098 Gerard Avenue in Concourse, Bronx and 60-unit residential walkup building (C1) at 1112 Gerard Avenue in Concourse, Bronx.
In the second, InterVest Capital Partners through the entity Icp Grand Concourse LLC paid $10.2 million to Taconic Partners through the entity Qc Concourse LLC for the 58-unit residential elevator building (D1) at 1197 Grand Concourse in Concourse, Bronx.
In the third, InterVest Capital Partners through the entity Icp Decatur LLC paid $9.6 million to Taconic Partners through the entity Qc Decatur LLC for the 22-unit residential walkup building (C1) at 2567 Decatur Avenue in Fordham Manor, Bronx, 16-unit residential walkup building (C1) at 2543 Decatur Avenue in Fordham Manor, Bronx, and 15-unit residential walkup building (C1) at 2549 Decatur Avenue in Fordham Manor, Bronx.
In the fourth, InterVest Capital Partners through the entity Icp Selwyn LLC paid $9 million to Taconic Partners through the entity Qc Selwyn LLC for the 73-unit residential elevator building (D1) at 1534 Selwyn Avenue in Claremont Village, Bronx.
In the fifth, InterVest Capital Partners through the entity Icp Creston LLC paid $6.6 million to Taconic Partners through the entity Qc Creston LLC for the 54-unit residential elevator building (D1) at 2608 Creston Avenue in Fordham Manor, Bronx.
In the sixth, InterVest Capital Partners through the entity Icp Jerome LLC paid $6.1 million to Taconic Partners through the entity Qc Jerome LLC for the 59-unit residential elevator building (D1) at 1065 Jerome Avenue in Highbridge, Bronx.
In the seventh, InterVest Capital Partners through the entity Icp Crotona LLC paid $5.8 million to Taconic Partners through the entity Qc Crotona LLC for the 21-unit residential walkup building (C1) at 2353 Crotona Avenue in Belmont/Little Italy, Bronx and 21-unit residential walkup building (C1) at 2357 Crotona Avenue in Belmont/Little Italy, Bronx.

The deal closed on April 6, 2023 and was recorded on April 20, 2023.
The signatory for Taconic Partners was Andrew Zlotnick. The signatory for InterVest Capital Partners was Michael Gontar. The Commercial Observer first reported the sale in January.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1098 Gerard Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer InterVest Capital Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Taconic Partners purchased three properties in two transactions for a total of $92.2 million and sold four properties in four transactions for a total of $41.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Agim Duraku, head officer and Erica Alayon, agent. The business entity is Qc Gerard Llc. The two properties with a total of 110,000 square feet of built space generated revenue of $1.8 million per year or $17 per square foot. The sale price per square foot was $116.

The property

The residential walkup building with 60 residential units in Concourse has 110,000 square feet of built space and 70,500 square feet of additional air rights for a total buildable of 180,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 square feet. 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 $2.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received five DOB violations, 148 housing violations, $2,740 in OATH penalties, and three housing litigations 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 the tax block of 1098 Gerard Avenue, PincusCo has identified the owners of six of the 12 commercial properties representing 330,178 square feet of the 630,548 square feet. The largest owner is Taconic Partners, followed by Sol Zalman and then Neighborhood Restore Housing Development Fund Corporation.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 630,548 square feet of built space are walkup buildings, with elevator buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Taconic Partners owned at least 32 commercial properties with 1,673 residential units in New York City with 2,178,267 square feet. The portfolio has $1.3 billion in debt, with top three lenders as Apollo Global Management, Jackson National Life Insurance Company, and Upper Manhattan Empowerment respectively. Within the portfolio, the bulk, or 53 percent of the 2,178,267 square feet of built space are walkup properties, with office properties next occupying 25 percent of the space. The bulk, or 68 percent of the built space, is in Bronx, with Manhattan next at 32 percent of the space.

Direct link to Acris document. link