Investors pay $6.3M to Abro Management for retail in Unionport

Manuel Diaz and Seneida Diaz through the entity Hugh Grant Circle Plaza LLC paid $6.3 million to Abro Management through the entity Tuckahoe Realty LLC for the retail building (K1) at 80 Hugh J Grant Circle in Unionport, Bronx.
The deal closed on May 23, 2023 and was recorded on May 31, 2023. The property has 10,392 square feet of built space and 15,441 square feet of additional air rights for a total buildable of 25,877 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $606 and the price per buildable square foot is $243 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 Abro Management was Richard Scharf. The signatory for Manuel Diaz and Seneida Diaz was Manuel Diaz and Seneida Diaz. A 99-year ground lease signed in 2021 with Abro as landlord and Manuel Diaz and Seneida Diaz as tenants was terminated.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Manuel Diaz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Abro Management purchased one property in one transactionsfor a total of $3.7 million and had not sold any properties over the same time period.

The property

The retail building in Unionport has 10,392 square feet of built space and 15,441 square feet of additional air rights for a total buildable of 25,877 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 142 feet deep with a total lot size of 10,649 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 $2.4 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 not received any significant violations 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 Unionport, The bulk, or 32 percent of the 6.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Unionport has near average sales volume among other neighborhoods with $347 million in sales volume in the last two years and is the 3rd highest in Bronx. For development, Unionport has had very little major development activity relative to other neighborhoods.It had 695,312 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 26 commercial properties representing 171,640 square feet of the 233,519 square feet. The largest owner is Luis Manuel Diaz, followed by Langsam Property Services and then City of New York.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 233,519 square feet of built space are elevator buildings, with retail buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Abro Management owned at least 47 commercial properties with 2,648 residential units in New York City with 2,578,787 square feet and a city-determined market value of $330.7 million. (Market value is typically about 50% of actual value.) The portfolio has $150.9 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Morgan Stanley respectively. Within the portfolio, the bulk, or 94 percent of the 2,578,787 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

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