Louis Foundos, Thoma Beno pays $2.1M for 26-unit walkup in Fordham Heights

Louis Foundos and Thoma Beno through the entity East 182 Realty, LLC paid $2.1 million to Vincent Maldonado through the entity 54 East 182 LLC for the 26-unit residential walkup building (C1) at 54 East 182nd Street in Fordham Heights, Bronx.
The deal closed on January 31, 2024 and was recorded on February 16, 2024. The property has 20,400 square feet of built space and 7,066 square feet of additional air rights for a total buildable of 27,445 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $105 and the price per buildable square foot is $78 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 Vincent Maldonado was Vincent Maldonado. The signatory for Louis Foundos and Thoma Beno was Louis Foundos. The contract date was December 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Louis Foundos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vincent Maldonado 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 Vincent Maldonado, head officer and Sylvia Maldonado, officer. The business entity is 54 East 182 Llc.

The property

The residential walkup building with 26 residential units in Fordham Heights has 20,400 square feet of built space and 7,066 square feet of additional air rights for a total buildable of 27,445 square feet according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 95 feet deep with a total lot size of 4,559 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 for the past 24 months. In addition, according to city public data, the property has received five DOB violations, 11 housing violations, and $1,500 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 block

On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 72,333 square feet of the 241,787 square feet. The largest owner is Vincent Maldonado, followed by Thorobird Investments and then Arben Mitaj.
On the tax block, there were two new building construction projects totaling 78,206 square feet. The largest is a 63-unit, 40,479 square-foot residential (R-2) building submitted by Arben Mitaj and filed by Arben Mitaj with plans filed May 14, 2021 and permitted April 8, 2022. The second largest is a 60-unit, 37,726 square-foot residential (R-2) building submitted by Arben Mitaj and filed by Arben Mitaj with plans filed May 12, 2021 and permitted April 14, 2022.

The majority, or 52 percent of the 241,787 square feet of built space are elevator buildings, with walkup buildings next occupying 48 percent of the space.

The seller

The PincusCo database currently indicates that Vincent Maldonado owned at least one commercial property with 26 residential units in New York City with 20,400 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

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