Itanel Rahmani pays $2.2M for retail in Morrisania

Itanel Rahmani through the entity 3750 LLC paid $2.2 million to Eugene Leogrande through the entity Grandco Holding Corp. for the midblock retail building at 3750 3rd Avenue in Morrisania, Bronx.
The deal closed on April 5, 2022 and was recorded on April 15, 2022.The property has 3,300 square feet of built space and 10,440 square feet of additional air rights for a total buildable of 13,760 square feet according to PincusCo analysis of city data. The sale price per built square foot is $681 and the price per buildable square foot is $163 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 Eugene Leogrande was Eugene Leogrande. The signatory for Itanel Rahmani was Itanel Rahmani.

The property

The 3750 3rd Avenue parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $661,000.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $300 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 Morrisania, the bulk, or 47 percent of the 29.3 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $64.9 million in sales volume in the last two years. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 767,412 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 18 commercial properties representing 22,500 square feet of the 203,228 square feet. The identified owner is Emerald Equity Group. There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 278,227 square feet of built space are residential walkup buildings, with specialty buildings next occupying 14 percent of the space.

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