Kassin Sabbagh Realty pays $4.3M for retail in Wakefield

Kassin Sabbagh Realty through the entity 4225 White Plains Road Bx LLC paid $4.3 million to Howard Hua through the entity E & G (NY) Realty LLC for the retail building (K1) at 4225 White Plains Road in Wakefield, Bronx.

PincusCo reported this week that Kassin Sabbagh Realty paid Bluestone Group $23.4 million for retail and a garage in Elmhurst, Queens.
The deal closed on April 20, 2023 and was recorded on April 25, 2023. The property has 8,850 square feet of built space and 13,373 square feet of additional air rights for a total buildable of 22,258 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $491 and the price per buildable square foot is $195 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 October 11, 2013, for $4.3 million. The signatory for Howard Hua was Howard Hua. The signatory for Kassin Sabbagh Realty was Abraham J. Kassin.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Kassin Sabbagh Realty purchased four properties in four transactions for a total of $24.9 million and has no record it sold any properties over the past 24 months.
The seller Howard Hua had not purchased any other properties and had not sold any properties over the same time period. The 8,850-square-foot property generated revenue of $334,789 or $38 per square foot, according to the most recent income and expense figures.

The property

The retail building in Wakefield has 8,850 square feet of built space and 13,373 square feet of additional air rights for a total buildable of 22,258 square feet according to a PincusCo analysis of city data. The parcel has frontage of 114 feet and is 80 feet deep with a total lot size of 9,160 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 $2.5 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 $1,050 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 Wakefield, The bulk, or 35 percent of the 9.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 27 percent of the space. In sales, Wakefield has had very little sales volume relative to other neighborhoods with $104 million in sales volume in the last two years. For development, Wakefield has had very little major development activity relative to other neighborhoods.It had 451,177 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 three of the 10 commercial properties representing 89,420 square feet of the 165,231 square feet. The largest owner is Zoran Kuburovic, followed by Finkelstein Timberger East Real Estate and then Ezriel Weinberger.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 165,231 square feet of built space are elevator buildings, with walkup buildings next occupying 42 percent of the space.

The buyer

The PincusCo database currently indicates that Kassin Sabbagh Realty owned at least four commercial properties with eight residential units in New York City with 103,574 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 83 percent of the 103,574 square feet of built space are industrial properties, with elevator properties next occupying 10 percent of the space. The bulk, or 83 percent of the built space, is in Queens, with Brooklyn next at 17 percent of the space.

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