Jacob Weinberger pays $8.6M for 73-unit rental in Kingsbridge

Jacob Weinberger through the entity 3045 Godwin Terrace LLC paid $8.6 million to Richard Albert, Evelyn Renee Albert estate, Gail I. Hessol, and Nancy A. Hessol through the entity Godwin Realty Associates for the 73-unit residential elevator building (D7) at 3045 Godwin Terrace in Kingsbridge, Bronx.
The deal closed on February 10, 2023 and was recorded on February 16, 2023. The property has 68,610 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $124 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 Richard Albert, Evelyn Renee Albert estate, Gail I. Hessol, and Nancy A. Hessol was Jillian Lloyd, Gail I. Hessol, and Nancy A. Hessol. The signatory for Jacob Weinberger was Jacob Weinberger.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jacob Weinberger had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Richard Albert had not purchased any other properties and sold two properties in one transactions for a total of $20 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Edith Feldman, head officer and Mike Kelly, site manager. The business entities are Alto Manager Llc and Godwin Realty Associates. The 68,610-square-foot property generated revenue of $1.2 million or $17 per square foot, according to the most recent income and expense figures.

The property

The 3045 Godwin Terrace parcel has frontage of 150 feet and is 106 feet deep with a total lot size of 16,725 square feet. The lot is irregular. 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 $3.7 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 $1,280 in ECB penalties and $1,855 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 block

On this tax block, PincusCo has identified the owners of five of the 11 commercial properties representing 361,153 square feet of the 692,683 square feet. The largest owner is Shpresa Xhakli, followed by Prenca Delovic and then Kadri Prelvukaj.
On the tax block, there was one new building construction project filed totaling 24,263 square feet. It is a 24-unit, 24,263-square-foot R-2 building developed by Ari Zervoudis with plans filed April 11, 2022 and permitted December 2, 2022.

The majority, or 90 percent of the 692,683 square feet of built space are walkup buildings, with elevator buildings next occupying 10 percent of the space.

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