Jacob Fulop pays $5.2M to The Bridge for 10-unit walkup in Alphabet City

Jacob Fulop through the entity 306 Jl LLC paid $5.2 million to The Bridge through the entity The Bridge, Inc. for 10-unit residential walkup building (C4) at 631 East 6th Street in Alphabet City, Manhattan.
The deal closed on June 16, 2022 and was recorded on July 1, 2022. The property has 6,985 square feet of built space and 2,089 square feet of additional air rights for a total buildable of 9,084 square feet according to PincusCo analysis of city data. The sale price per built square foot is $751 and the price per buildable square foot is $577 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 The Bridge was Carole Gordon. The signatory for Jacob Fulop was Jacob Fulop.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jacob Fulop purchased six properties in six transactions for a total of $40.5 million and sold four properties in four transactions for a total of $10.8 million over the past 24 months.
The seller The Bridge purchased two properties in two transactions for a total of $16.3 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Taso Vassiliou, head officer and Alex Rodriguez, officer. The business entities are The Bridge, Inc and The Bridge Inc.

The property

The 631 East 6th Street parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,271 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $350 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 Alphabet City, the majority, or 53 percent of the 15.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 27 percent of the space. In sales, Alphabet City has had very little sales volume relative to other neighborhoods with $178.8 million in sales volume in the last two years. For development, Alphabet City has had very little major development activity relative to other neighborhoods.It had 201,262 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 27 commercial properties representing 116,938 square feet of the 331,275 square feet. The largest owner is New York City Housing Authority, followed by Sassouni Management and then Croman Real Estate. There are no active new building construction projects on this tax block.

the majority, or 39 percent of the 439,456 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that The Bridge owned at least one commercial property with 34,957 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) The portfolio has $101.5 million in debt, borrowed from NYS Housing Finance Agency and Community Preservation Corporation. The portfolio consists of at least a single elevator property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Jacob Fulop owned at least 19 commercial properties with 171,687 square feet and a city-determined market value of $26.9 million. (Market value is typically about 50% of actual value.) The portfolio has $68.6 million in debt, with top three lenders as Bank of Princeton, Bank Leumi, and Broadview Capital respectively. Within the portfolio, the bulk, or 44 percent of the 171,687 square feet of built space are walkup properties, with office properties next occupying 31 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Manhattan next at 11 percent of the space.

Surrounding

Within a 400-foot radius of 631 East 6th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which Lockhill Properties bought the 6,985-square-foot, 10-unit rental (C4) on 627 East 6th Street for $5.6 million from Frank Pizzaia on April 7, 2022.
Of those four items, three were loans above $5 million totaling $28.7 million. The most recent of the three was Conway Capital which borrowed $15.5 million from Citibank secured by the 11,844-square-foot, 11-unit rental (C7) on 197 East 7th Street and three other properties on January 28, 2022.

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