Juan Diaz pays $7M to BNS Real Estate for retail in Highbridge

Juan Diaz through the entity Seven Star Family LLC paid $7 million to BNS Real Estate through the entity Ogden Avenue L.L.C. for the retail building (K4) at 1091 Ogden Avenue in Highbridge, Bronx.
The deal closed on September 7, 2023 and was recorded on September 19, 2023. The property has 12,645 square feet of built space and 22,171 square feet of additional air rights for a total buildable of 34,826 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $553 and the price per buildable square foot is $200 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 BNS Real Estate was Bradford S. Barr. The signatory for Juan Diaz was Juan E. Diaz. The contract date was June 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Juan E. Diaz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BNS Real Estate had not purchased any other properties and sold five properties in four transactions for a total of $98.1 million over the same time period.

The property

The retail building in Highbridge has 12,645 square feet of built space and 22,171 square feet of additional air rights for a total buildable of 34,826 square feet according to a PincusCo analysis of city data. The parcel has frontage of 112 feet and is 90 feet deep with a total lot size of 10,124 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 $2 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 $900 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 Highbridge, The majority, or 60 percent of the 12.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 26 percent of the space. In sales, Highbridge has the 28th highest sale turnover among other neighborhoods in Bronx with $45.2 million in sales volume in the last two years. For development, Highbridge has had very little major development activity relative to other neighborhoods.It had 634,252 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 seven of the 26 commercial properties representing 630,370 square feet of the 917,464 square feet. The largest owner is Ziwei Song, followed by Stagg Group and then Salah Rajput.
On the tax block, there were three new building construction projects totaling 36,583 square feet. The largest is a 26-unit, 18,508 square-foot residential (R-2) building submitted by Samuel Brach with plans filed October 11, 2019 and permitted May 27, 2022. The second largest is a 18-unit, 13,919 square-foot residential (R-2) building submitted by Neo Pishaj with plans filed August 21, 2018 and permitted December 16, 2021.

The majority, or 64 percent of the 917,464 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that BNS Real Estate owned at least two commercial properties with 80 residential units in New York City with 139,803 square feet and a city-determined market value of $14.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 139,803 square feet of built space are industrial properties, with elevator properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Bronx, with Brooklyn next at 44 percent of the space.

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