Kashif Iqbal pays $8.6M for retail in Mott Haven

Kashif Iqbal through the entity Zikr Realty LLC paid $8.6 million to Jose Keckek through the entity 774 Broadway, Inc. for the retail building (K1) at 600 East 138th Street in Mott Haven, Bronx.
The deal closed on April 18, 2023 and was recorded on May 24, 2023. The property has 37,500 square feet of built space and 8,062 square feet of additional air rights for a total buildable of 45,562 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $229 and the price per buildable square foot is $188 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 Jose Keckek was Jose Keckek. The signatory for Kashif Iqbal was Kashif Iqbal.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kashif Iqbal had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jose Keckek had not purchased any other properties and had not sold any properties over the same time period. The 37,500-square-foot property generated revenue of $917,250 or $24 per square foot, according to the most recent income and expense figures.

The property

The retail building in Mott Haven has 37,500 square feet of built space and 8,062 square feet of additional air rights for a total buildable of 45,562 square feet according to a PincusCo analysis of city data. The parcel has frontage of 187 feet and is 100 feet deep with a total lot size of 18,750 square feet. The lot is irregular. 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 $4.6 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 $1,585 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 26, 2017. 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 Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2.3 times the average sales volume among other neighborhoods with $816.1 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2.3 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 26 commercial properties representing 217,384 square feet of the 321,080 square feet. The largest owner is Mustafa Realty Corp., followed by Lemle & Wolff and then Howard Kowlowitz.
On the tax block, there were two new building construction projects totaling 15,000 square feet. The largest is a eight-unit, 7,500 square-foot residential (R-2) building submitted by Shalev Shoshani with plans filed September 25, 2017 and it has not been permitted yet. The second largest is a eight-unit, 7,500 square-foot residential (R-2) building submitted by Shalev Shoshani with plans filed September 25, 2017 and it has not been permitted yet.

The majority, or 65 percent of the 321,080 square feet of built space are walkup buildings, with retail buildings next occupying 20 percent of the space.

Direct link to Acris document. link