Jacob Landau pays $1.4M for vacant lot in University Heights

Jacob Landau through the entity 80 Clinton Place LLC paid $1.4 million to Wilfredo David and Brigida David through the entity David, Brigida for vacant lot (G7) at 80 Clinton Place in University Heights, Bronx.
The deal closed on July 28, 2022 and was recorded on August 29, 2022. The property has zero square feet of built space and 11,238 square feet of additional air rights for a total buildable of 11,238 square feet according to PincusCo analysis of city data. The sale price per built square foot is $129 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 Wilfredo David and Brigida David was Wilfredo David and Brigida David. The signatory for Jacob Landau was Aaron Stein. Buyer is identified through mortgage documents as Jacob L. Landau.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Jacob Landau purchased one properties in one transactions for a total of 0.0 and has no record it sold any properties over the past 24 months.
The seller Wilfredo David had not purchased any other properties and had not sold any properties over the same time period.

The property

The 80 Clinton Place parcel has frontage of 24 feet and is 101 feet deep with a total lot size of 3,267 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 $217,000.

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 not received any significant violations in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 16,400 square feet. The largest is a new building project for a 26-unit, 13,200-square-foot R-2 building developed by Mendy Tessler with plans filed November 3, 2021 and it has not been permitted yet. The second largest is a new building project for a 26-unit, 3,200-square-foot R-2 building developed by Mendy Tessler with plans filed April 11, 2022 and it has not been permitted yet.

The neighborhood

In University Heights, the bulk, or 41 percent of the 9.8 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, University Heights has the 27th highest sale turnover among other neighborhoods in Bronx with $43 million in sales volume in the last two years. For development, University Heights has had very little major development activity relative to other neighborhoods.It had 800,986 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 157,015 square feet of the 199,360 square feet. The largest owner is NYC Department of Education, followed by Dovid Kleiner and then Kenny Nasab.
There are three active new building construction projects totaling 23,770 square feet. The largest is a 26-unit, 13,200-square-foot R-2 building developed by Mendy Tessler with plans filed November 3, 2021 and it has not been permitted yet.The second largest is a 26-unit, 3,200-square-foot R-2 building developed by Mendy Tessler with plans filed April 11, 2022 and it has not been permitted yet.

the majority, or 46 percent of the 199,360 square feet of built space are walkup buildings, with specialty buildings next occupying 40 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Landau owned at least three commercial properties in New York City with 96,750 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 47 percent of the 96,750 square feet of built space are elevator properties, with walkup properties next occupying 37 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Manhattan next at 37 percent of the space.

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