Joel Wagschal pays $12.8M to Joseph Buoninfante for mixed-use building in Westchester Square

Joel Wagschal through the entity 2233 Westchester LLC paid $12.8 million to Joseph Buoninfante through the entity 2241 Westchester Ave Realty Corp. for mixed-use building at 2241 Westchester Avenue in Westchester Square, Bronx.
To finance the purchase, Joel Wagschal through the entity 2233 Westchester LLC as borrower signed an acquisition loan with lender Golden Bridge Funding through the entity Golden Bridge Funding LLC valued at $10 million.
Golden Bridge describes itself as “the first regulated private direct lender from Israel.”

For the sale, the signatory for Joseph Buoninfante was Joseph Buoninfante. The signatory for Joel Wagschal was Solomon Klein.
For the loan, the signatory for Joel Wagschal was Joel Wagschal. The signatory for Golden Bridge Funding was Ian Axelrod.

Joel Wagschal is the managing member of the buyer.

The deal closed on February 15, 2022 and was recorded on February 25, 2022.
The property has 25,920 square feet of built space and 29,399 square feet of additional air rights for a total buildable of 55,379 square feet according to PincusCo analysis of city data. The sale price per built square foot is $495 and the price per buildable square foot is $232 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.)

Prior to this transaction, PincusCo had no record of the buyer Joel Wagschal purchasing or selling any other properties over the past 24 months.

The 25,920-square-foot property generated revenue of $789,749 or $30 per square foot, according to the most recent income and expense figures.

(210053378)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 18, 2013.

In Westchester Square, the bulk, or 32 percent of the 8.1 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Westchester Square has had very little sales volume relative to other neighborhoods with $104.3 million in sales volume in the last two years. For development, Westchester Square has had very little major development activity relative to other neighborhoods.It had 253,141 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 53 percent of the 213,775 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 16 percent of the space.
Within a 400-foot radius of 2241 Westchester Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Arctrust bought the 29,819-square-foot, one-unit retail building (K7) on 2244 Westchester Avenue and two other properties for $16.1 million from PFS Service Corp. on December 29, 2021.
Of those three items, two were loans above $5 million totaling $24.9 million. The most recent of the two was Arctrust which borrowed $10.5 million from Ponce Bank secured by the 29,819-square-foot, one-unit retail building (K7) on 2244 Westchester Avenue and two other properties on December 29, 2021.

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