John Manouselis pays $2.9M for retail in Pelham Bay

John Manouselis through the entity 3273-85 Westchester Avenue LLC paid $2.9 million to John Vasilios Milonis and Zaxaroula Maria Milonis for the retail building (K1) at 3273 Westchester Avenue in Pelham Bay, Bronx.
The deal closed on October 24, 2023 and was recorded on October 27, 2023. The property has 7,900 square feet of built space and 23,042 square feet of additional air rights for a total buildable of 30,963 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $367 and the price per buildable square foot is $93 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 John Vasilios Milonis and Zaxaroula Maria Milonis was John Vasilios Milonis and Zaxaroula Maria Milonis. The signatory for John Manouselis was John Manouselis.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John Manouselis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Vasilios Milonis had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Pelham Bay has 7,900 square feet of built space and 23,042 square feet of additional air rights for a total buildable of 30,963 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 96 feet deep with a total lot size of 9,001 square feet. The lot is irregular. 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 $1.4 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 five DOB violations, $3,125 in ECB penalties, and $3,875 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 Pelham Bay, The bulk, or 27 percent of the 6.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Pelham Bay has the 19th highest sale turnover among other neighborhoods in Bronx with $88.6 million in sales volume in the last two years. For development, Pelham Bay has had very little major development activity relative to other neighborhoods.It had 362,819 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 seven commercial properties representing 45,540 square feet of the 95,362 square feet. The two identified owners are Ranger Management and Peter Delovic.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 95,362 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

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