Jewel Saeed pays $9.8M for 99-unit dev site in Mott Haven, owned for 42 years

Jewel Saeed through the entity Mass 21 St LLC paid $9.8 million to Jerome Yates and Michael Yates through the entity 36 Bruckner Associates LLC for the industrial building (E9) at 36 Bruckner Boulevard in Mott Haven, Bronx.
On the lot, there is one active new building construction project, X01095874, for a 99-unit residential (R-2) building. The project was submitted by Arian Liton and filed by Arian Liton with plans filed August 16, 2024 and it has not been permitted yet.
The deal closed on September 26, 2024 and was recorded on October 7, 2024. The property has 25,000 square feet of built space and 50,250 square feet of additional air rights for a total buildable of 75,250 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $394 and the price per buildable square foot is $130 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 Jerome Yates and Michael Yates was Michael Yates. The signatory for Jewel Saeed was Jewel Saeed. The contract date was August 7, 2024. Jerome Yates acquired the property in 1982.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jewel Saeed had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jerome Yates had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Mott Haven has 25,000 square feet of built space and 50,250 square feet of additional air rights for a total buildable of 75,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 square feet. The zoning is M1-5/R8A which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $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 not received any significant violations in the last year.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 1.3 times the average sales volume among other neighborhoods with $316.5 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 98,686 square feet of the 183,686 square feet. The two identified owners are Bradford Barr and Maddd Equities.
On the tax block, there were two new building construction projects totaling 153,347 square feet. The largest is a 144,286 square-foot 56 building submitted by Maddd Equities and filed by Jorge Madruga with plans filed December 22, 2023 and it has not been permitted yet. The second largest is a 99-unit, 9,061 square-foot residential (R-2) building submitted by Arian Liton and filed by Arian Liton with plans filed August 16, 2024 and it has not been permitted yet.

The majority, or 45 percent of the 183,686 square feet of built space are office buildings, with retail buildings next occupying 41 percent of the space.

The buyer

The PincusCo database currently indicates that Jewel Saeed owned at least eight commercial properties with 224 residential units in New York City with 144,477 square feet and a city-determined market value of $19.8 million. (Market value is typically about 50% of actual value.) The portfolio has $96 million in debt, with top three lenders as Wells Fargo, Popular Bank, and Cathay Bank respectively. Within the portfolio, the bulk, or 97 percent of the 144,477 square feet of built space are elevator properties, with D6 properties next occupying 3 percent of the space. They are all located in Queens.

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