Joel Leifer pays $3.2M for religious building in Longwood

Joel Leifer through the entity 650 Southern Blvd Bronx LLC paid $3.2 million to Richard Pogostin through the entity Jerome Development Corp. for the religious building (M1) at 644-650 Southern Boulevard in Longwood, Bronx. Joel Leifer is affiliated with nursing homes and with the Excelsior Care Group.
The deal closed on August 23, 2023 and was recorded on September 5, 2023. The property has 10,000 square feet of built space and 24,397 square feet of additional air rights for a total buildable of 34,396 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $325 and the price per buildable square foot is $94 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 Pogostin was Richard Pogostin. The signatory for Joel Leifer was Joel Leifer. The contract date was December 6, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joel Leifer had purchased any other properties and sold one property in one transaction for a total of $2 million over the past 24 months.
The seller Richard Pogostin had not purchased any other properties and sold three properties in two transactions for a total of $8.7 million over the same time period.

The property

The specialty building in Longwood has 10,000 square feet of built space and 24,397 square feet of additional air rights for a total buildable of 34,396 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 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 $546,000.

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.

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 Longwood, The bulk, or 44 percent of the 22.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Longwood has had very little sales volume relative to other neighborhoods with $215.1 million in sales volume in the last two years. For development, Longwood has had very little major development activity relative to other neighborhoods. It had 847,783 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 14 of the 31 commercial properties representing 586,046 square feet of the 816,529 square feet. The largest owner is Sebco Development, followed by Lemle & Wolff and then Kalman Tabak.
On the tax block, there was one new building construction project filed totaling 110,411 square feet. It is a 110,411 square-foot storage (S-1) building submitted by SNL Storage and filed by Michael Jayne with plans filed May 1, 2020 and permitted February 9, 2023.

The majority, or 40 percent of the 816,529 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Richard Pogostin owned at least one commercial property in New York City with 14,580 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Bronx.

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