Laundry Capital pays $9M for retail in Westchester Square

Laundry Capital through the entity Westchester 55 Sq. LLC paid $9 million to Mitchell Benerofe and Andrew R. Benerofe through the entity Miro One LLC for the retail building (O5) at 55-61 Westchester Square in Westchester Square, Bronx.
The deal closed on July 5, 2022 and was recorded on July 18, 2022. The property has 28,722 square feet of built space and 35,242 square feet of additional air rights for a total buildable of 63,909 square feet according to PincusCo analysis of city data. The sale price per built square foot is $313 and the price per buildable square foot is $140 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 Mitchell Benerofe and Andrew R. Benerofe was Mitchell Benerofe and Andrew R. Benerofe. The signatory for Laundry Capital was William L. Green.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Laundry Capital purchased one property in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Mitchell Benerofe had not purchased any other properties and had not sold any properties over the same time period. The 28,722-square-foot property generated revenue of $705,682 or $25 per square foot, according to the most recent income and expense figures.

The property

The 55-61 Westchester Square parcel has frontage of 30 feet and is 178 feet deep with a total lot size of 26,300 square feet. The lot is irregular. 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 $4 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 and $1,685 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 $5 million on this tax lot.

The neighborhood

In Westchester Square, the bulk, or 30 percent of the 5.3 million square feet of commercial built space are walkup buildings, with office buildings next occupying 17 percent of the space. In sales, Westchester Square has had very little sales volume relative to other neighborhoods with $167.9 million in sales volume in the last two years. For development, Westchester Square has had very little major development activity relative to other neighborhoods.It had 353,816 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 two of the seven commercial properties representing 10,830 square feet of the 58,461 square feet. The two identified owners are Shaban Dedushi and Antonio Assalone. There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 58,461 square feet of built space are retail buildings, with industrial buildings next occupying 27 percent of the space.

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