Lalmir Sultanzada pays $5.9M to Fortuna Realty Group for mixed-use in Bronx

Lalmir Sultanzada paid $5.97 million to Fortuna Realty Group for two buildings in the Bronx, one at 2809 3rd Avenue in Mott Haven and the other at 304 East 173rd Street in Claremont Village. The deal was made in two separate transactions.

In the first, Lalmir Sultanzada through the entity 2809 Third Realty LLC paid $3.1 million to Fortuna Realty Group through the entity 2809 Third Owner L.P. for the six-unit mixed-use building (S5) at 2809 3rd Avenue in Mott Haven, Bronx.
The deal closed on March 21, 2024 and was recorded on April 4, 2024. The property has 7,248 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $424 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 February 1, 2019, for $3.1 million. The signatory for Fortuna Realty Group was Jonathan Moinian. The signatory for Lalmir Sultanzada was Lalmir Sultanzada. The contract date was January 17, 2024.

In the second, Lalmir Sultanzada through the entity 304 East 173 Street LLC paid $2.9 million to Fortuna Realty Group through the entity 304 East 173, LLC for the industrial building (G7) at 304 East 173rd Street in Claremont Village, Bronx. The deal closed on March 21, 2024 and was recorded on April 4, 2024. The property has zero square feet of built space and 40,033 square feet of additional air rights for a total buildable of 40,033 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $72 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.)

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Lalmir Sultanzada purchased two properties in one transaction for a total of $4 million and has no record it sold any properties over the past 24 months.
The seller Fortuna Realty Group 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 Jonathan Moinian, head officer and Steven Kachanian, shareholder. The business entities are Livingston Management Services Llc and 2809 Third Owner Lp.

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 $330 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 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 1.4 times the average sales volume among other neighborhoods with $397.1 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.9 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 2.1 million 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. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 23 commercial properties representing 110,366 square feet of the 348,719 square feet. The largest owner is RW Real Estate Group, followed by New City Realty Company and then Michael Tepler.
On the tax block, there was one new building construction project filed totaling 67,094 square feet. It is a 67,094 square-foot business (B) building submitted by Manatus Development Group and filed by Justin Stern with plans filed February 6, 2018 and permitted July 18, 2019.

The majority, or 61 percent of the 348,719 square feet of built space are office buildings, with retail buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Fortuna Realty Group owned at least three commercial properties in New York City with 242,836 square feet and a city-determined market value of $66.8 million. (Market value is typically about 50% of actual value.) The portfolio has $353 million in debt, with top three lenders as Goldman Sachs, Deutsche Bank, and Jesta Group respectively. Within the portfolio, the bulk, or 80 percent of the 242,836 square feet of built space are hotel properties, with development properties next occupying 20 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Lalmir Sultanzada owned at least two commercial properties in New York City with 0.0 square feet and a city-determined market value of $502,000. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with industrial properties next occupying 0 percent of the space.

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