Joel Weiss pays $3.3M to Bluestone Group for 18-unit rental in Mott Haven

Joel Weiss through the entity 144 Sunshine LLC paid $3.3 million to Bluestone Group through the entity 450 144th Holdings LLC for the 18-unit residential elevator building (D7) at 450 East 144th Street in Mott Haven, Bronx.
The deal closed on September 18, 2023 and was recorded on October 2, 2023. The property has 24,662 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $133 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 27, 2015, for $3.5 million. The signatory for Bluestone Group was Elimelech Tabak. The signatory for Joel Weiss was Joel Weiss. The contract date was June 22, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joel Weiss had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bluestone Group had not purchased any other properties and sold five properties in five transactions for a total of $29.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Eli Tabak, head officer and Menachem Augenstein, officer. The business entities are 450 144th Holdings Llc and 450 144th Holdings Llc. The 24,662-square-foot property generated revenue of $431,832 or $18 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 18 residential units in Mott Haven has 24,662 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 100 feet deep with a total lot size of 5,832 square feet. 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 $1.6 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 received 36 housing violations, $1,050 in OATH penalties, and two housing litigations 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 block

On this tax block, PincusCo has identified the owners of four of the 12 commercial properties representing 126,539 square feet of the 232,029 square feet. The two identified owners are Demetri Karagas and Cubesmart.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 232,029 square feet of built space are industrial buildings, with elevator buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Bluestone Group owned at least 15 commercial properties with 53 residential units in New York City with 238,360 square feet and a city-determined market value of $61.9 million. (Market value is typically about 50% of actual value.) The portfolio has $67.9 million in debt, borrowed from Signature Bank and TriState Capital Bank. Within the portfolio, the bulk, or 30 percent of the 238,360 square feet of built space are mixed-use properties, with industrial properties next occupying 23 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Bronx next at 21 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Weiss owned at least three commercial properties with 19 residential units in New York City with 16,720 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $6.2 million in debt, borrowed from Ridgewood Savings Bank. Within the portfolio, the bulk, or 73 percent of the 16,720 square feet of built space are elevator properties, with C3 properties next occupying 16 percent of the space. They are all located in Brooklyn.

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