Louis Zadrima pays $6.4M for 42-unit rental in Westchester Square

Louis Zadrima through the entity Atlantic Z Apts, LLC paid $6.4 million to Philip R. Cowen through the entity Wydown Properties LLC for the 42-unit residential elevator building (D1) at 2435 Frisby Avenue in Westchester Square, Bronx.
The deal closed on September 27, 2022 and was recorded on October 13, 2022. The property has 41,400 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $154 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 April 17, 2012, for $4.2 million. The signatory for Philip R. Cowen was Anthony J. Cornicello. The signatory for Louis Zadrima was Louis Zadrima.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Louis Zadrima had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Philip R. Cowen had not purchased any other properties and sold one propertty in one transaction for a total of $2.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Philip Cowen, head officer and Gashi Florent, site manager. The business entities are Dougert Management Corp and Wydown Properties Llc. The 41,400-square-foot property generated revenue of $619,166 or $15 per square foot, according to the most recent income and expense figures.

The property

The 2435 Frisby Avenue parcel has frontage of 69 feet and is 115 feet deep with a total lot size of 7,974 square feet. The zoning is R5A which allows for up to 1.1 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 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 three DOB violations, $5,000 in ECB penalties, eight housing violations, $5,500 in OATH penalties, and one housing litigation 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 block

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

The majority, or 50 percent of the 82,057 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

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