Kourosh Nasab pays $3.4M for 35-unit walkup in Bedford Park

Kourosh Nasab through the entity Space BX LLC paid $3.4 million to Edward Kaufman through the entity Marne Realty, LLC for the 35-unit residential walkup building (C1) at 2909 Valentine Avenue in Bedford Park, Bronx.
The deal closed on February 14, 2023 and was recorded on February 16, 2023. The property has 34,425 square feet of built space and 11,218 square feet of additional air rights for a total buildable of 45,631 square feet according to PincusCo analysis of city data. The sale price per built square foot is $99 and the price per buildable square foot is $74 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 Edward Kaufman was Edward Kaufman. The signatory for Kourosh Nasab was Kourosh Nasab.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kourosh Nasab had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Edward Kaufman had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Monica Kaufman, head officer and Edward Kaufman, officer. The business entity is Marne Realty Llc. The 34,425-square-foot property generated revenue of $444,687 or $13 per square foot, according to the most recent income and expense figures.

The property

The 2909 Valentine Avenue parcel has frontage of 81 feet and is 95 feet deep with a total lot size of 7,580 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 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 one DOB violation 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 nine of the 18 commercial properties representing 328,817 square feet of the 457,904 square feet. The largest owner is Prana Investments, followed by Patrick O’Connell and then Miller Management.
On the tax block, there was one new building construction project filed totaling 38,412 square feet. It is a 62-unit, 38,412-square-foot R-2 building developed by Ami Weinstock with plans filed September 17, 2021 and permitted May 19, 2022.

The majority, or 62 percent of the 457,904 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Kourosh Nasab owned at least seven commercial properties in New York City with 107,408 square feet and a city-determined market value of $14.7 million. (Market value is typically about 50% of actual value.) The portfolio has $22.9 million in debt, borrowed from JPMorgan Chase and C-III Capital Partners. Within the portfolio, the bulk, or 83 percent of the 107,408 square feet of built space are walkup properties, with retail properties next occupying 17 percent of the space. The bulk, or 83 percent of the built space, is in Manhattan, with Brooklyn next at 17 percent of the space.

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