Laura O’Shea pays $8M for residential walkup in Woodlawn Heights

Laura O’Shea through the entity Turner Operating LLC paid $8 million to Kathleen Sullivan through the entity Birr LLC for the midblock 49-unit residential walkup building at 273 East 239th Street in Woodlawn Heights, Bronx.
The deal closed on April 28, 2022 and was recorded on May 6, 2022. The property has 52,652 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $151 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 December 20, 2005, for $5 million. The signatory for Kathleen Sullivan was Kathleen Sullivan. The signatory for Laura O’Shea was Laura O’Shea.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Laura O’Shea had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kathleen Sullivan 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 Catherine Sullivan, head officer and Ben Celaj, site manager. The business entity is Birr Llc. The 52,652-square-foot property generated revenue of $562,634 or $11 per square foot, according to the most recent income and expense figures.

The property

The 273 East 239th Street parcel has frontage of 155 feet and is 100 feet deep with a total lot size of 15,500 square feet. The zoning is R4A which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.8 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 $130 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 Woodlawn Heights, the bulk, or 50 percent of the 4.7 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 29 percent of the space. In sales, Woodlawn Heights has the 43rd highest sale turnover among other neighborhoods in Bronx with $7.1 million in sales volume in the last two years. For development, Woodlawn Heights has not had any major developments in the last two years.

The block

There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 144,087 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 37 percent of the space.

Surrounding

Within a 400-foot radius of 273 East 239th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Eric R. Wiener borrowed $10.4 million from KeyBank secured by the 59,526-square-foot, 49-unit rental (D6) on 278 East 239th Street and one other property on January 14, 2021.

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