LargaVista Companies pays $4.5M to Richard Pogostin for industrial in Mt Hope

LargaVista Companies through the entity Lvc Jerome, LLC paid $4.5 million to Richard Pogostin through the entity Jerome Maintenance Corp. for industrial building (G6) at 1732 Jerome Avenue in Mt Hope, Bronx.
The deal closed on November 3, 2022 and was recorded on November 14, 2022. The property has 500 square feet of built space and 39,507 square feet of additional air rights for a total buildable of 40,008 square feet according to PincusCo analysis of city data. The sale price per built square foot is $9,000 and the price per buildable square foot is $112 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 Richard Pogostin was Richard Pogostin. The signatory for LargaVista Companies was Adam E. Good.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer LargaVista Companies purchased 12 properties in three transactions for a total of $18.4 million and sold six properties in four transactions for a total of $34.4 million over the past 24 months.
The seller Richard Pogostin purchased one properties in one transactions for a total of $3.8 million and sold one properties in one transactions for a total of $13.9 million over the same time period.

The property

The 1732 Jerome Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,002 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $644,000.

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 not received any significant violations 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 neighborhood

In Mt Hope, the majority, or 58 percent of the 11.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Mt Hope has the 19th highest sale turnover among other neighborhoods in Bronx with $82.7 million in sales volume in the last two years. For development, Mt Hope has had very little major development activity relative to other neighborhoods.It had 791,748 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 163,130 square feet of the 220,830 square feet. The largest owner is Mount Hope Housing Company, followed by Pistilli Realty Group and then Luce Popaj.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 220,830 square feet of built space are walkup buildings, with elevator buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Richard Pogostin owned at least one commercial property in New York City with 14,580 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Largavista Companies owned at least 10 commercial properties in New York City with 28,917 square feet and a city-determined market value of $20 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 28,917 square feet of built space are industrial properties, with specialty properties next occupying 0 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Manhattan next at 17 percent of the space.

Direct link to Acris document. link