Joel Silberstein pays $1.5M for mixed-use in Wakefield

Joel Silberstein through the entity 226 Gardens LLC paid $1.5 million to Ilush Pulatov through the entity 709 East 226 LLC for the three-unit mixed-use building (S3) at 709 East 226th Street in Wakefield, Bronx. The expected use is cash flowing.
The deal closed on September 23, 2024 and was recorded on September 27, 2024. The property has 4,422 square feet of built space and 893 square feet of additional air rights for a total buildable of 5,320 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $339 and the price per buildable square foot is $281 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 seller bought the property on January 9, 2020, for $810,001. The signatory for Ilush Pulatov was Ilush Pulatov. The signatory for Joel Silberstein was Joel Silberstein. The contract date was January 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joel Silberstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ilush Pulatov had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Ilush Pulatov, head officer. The business entity is 709 East 226 Llc.

The property

The mixed-use building with 3 residential units in Wakefield has 4,422 square feet of built space and 893 square feet of additional air rights for a total buildable of 5,320 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 114 feet deep with a total lot size of 4,256 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $772,000.

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 received one DOB violation and $100 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 $1 million on this tax lot.

The neighborhood

In Wakefield, The bulk, or 34 percent of the 9.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 27 percent of the space. In sales, Wakefield has had very little sales volume relative to other neighborhoods with $132 million in sales volume in the last two years. For development, Wakefield has had very little major development activity relative to other neighborhoods.It had 441,150 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 9,198 square feet of the 53,704 square feet. The two identified owners are Prel Rudaj and Benet Shllaku.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 53,704 square feet of built space are walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

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