Itanel Rahmani pays $3M for retail in Throgs Neck

Itanel Rahmani through the entity Ied 4100 East Tremont LLC paid $3 million to Theresa Ciamarra through the entity 4100 Properties, Inc. for the retail building (K1) at 4100 East Tremont Avenue in Throgs Neck, Bronx.
The deal closed on June 11, 2024 and was recorded on June 24, 2024. The property has 6,000 square feet of built space and 2,352 square feet of additional air rights for a total buildable of 8,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $500 and the price per buildable square foot is $357 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 Theresa Ciamarra was Theresa Ciamarra. The signatory for Itanel Rahmani was Itanel Rahmani. The contract date was March 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Itanel Rahmani purchased one property in one transaction for a total of $1.8 million and has no record he sold any properties over the past 24 months.
The seller Theresa Ciamarra had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Throgs Neck has 6,000 square feet of built space and 2,352 square feet of additional air rights for a total buildable of 8,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 116 feet and is 103 feet deep with a total lot size of 11,200 square feet. The lot is irregular. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 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 $1,250 in ECB penalties and $1,450 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 44th highest sale turnover among other neighborhoods in Bronx with $7.5 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 -204,142 square feet of commercial and multi-family construction under development in the last two years, which represents -3.80 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 6,000 square feet of built space are retail buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Itanel Rahmani owned at least two commercial properties with six residential units in New York City with 7,450 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 7,450 square feet of built space are walkup properties, with retail properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Brooklyn, with Bronx next at 44 percent of the space.

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