Kenneth Yustman pays $5M for 44-unit walkup in Belmont

Kenneth Yustman of Weiss Realty through the entity 653 East 182 Realty LLC paid $5 million to Evan Schwartz through the entity 653 East 182 LLC for 44-unit residential walkup building (C7) at 645 East 182nd Street in Belmont, Bronx.
The deal closed on August 12, 2022 and was recorded on August 30, 2022. The property has 45,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $109 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 Evan Schwartz was Evan Schwartz. The signatory for Kenneth Yustman was Kenneth Yustman.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Kenneth Yustman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Evan Schwartz had not purchased any other properties and had not sold any properties over the same time period. The owners according to the Department of Housing Preservation and Development includes Kenneth Yustman, head officer and Robert Hershkowitz, officer. The business entities are Weiss Realty Llc and 653 East 182 Llc. The 45,600-square-foot property generated revenue of $564,064 or $12 per square foot, according to the most recent income and expense figures.

The property

The 645 East 182nd Street parcel has frontage of 72 feet and is 163 feet deep with a total lot size of 3,745 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 $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received four housing violations 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 14,576 square feet of the 121,786 square feet. The two identified owners are Milkjor Shllaku and Murto Musovic.
There are no active new building construction projects on this tax block.

the majority, or 84 percent of the 121,786 square feet of built space are walkup buildings, with specialty buildings next occupying 9 percent of the space.

Direct link to Acris document. link