Maddd Equities signs contract to buy three properties in Kingsbridge

Maddd Equities through the entity Maddd Kingsbridge LLC as the buyer signed a contract with George Kaperonis through the entity Snowcap, LLC as the seller of three properties including the mixed-use building (K5) at 3657 Kingsbridge Avenue, the industrial building (G7) at 3630 Kingsbridge Avenue and the industrial building (G7) at 3627 Kingsbridge Avenue in Kingsbridge, Bronx. The sale price was not disclosed.
The deal closed on July 5, 2023 and was recorded on July 24, 2023. The three properties have 4,800 square feet of built space and 10,198 square feet of additional air rights for a total buildable of 14,997 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $zero and the price per buildable square foot is $zero 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 George Kaperonis was George Kaperonis. The signatory for Maddd Equities was Jorge Madruga.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 3657 Kingsbridge Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Maddd Equities purchased one property in one transaction for a total of $4 million and sold one property in one transaction for a total of $105 million over the past 24 months.
The seller George Kaperonis had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, one with a total of 4,800 square feet of built space generated revenue of $231,408 per year.

The property

The mixed-use building in Kingsbridge has 4,800 square feet of built space and 10,198 square feet of additional air rights for a total buildable of 14,997 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is R4 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 $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 $1 million on this tax lot.

The neighborhood

In Kingsbridge, The bulk, or 32 percent of the 6.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Kingsbridge has the 26th highest sale turnover among other neighborhoods in Bronx with $58.3 million in sales volume in the last two years. For development, Kingsbridge has had very little major development activity relative to other neighborhoods.It had 298,852 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 10,118 square feet. It is a 10-unit, 10,118 square-foot residential (R-2) building submitted by Costa Ioannou with plans filed July 24, 2019 and permitted April 27, 2022.

The majority, or 67 percent of the 97,360 square feet of built space are elevator buildings, with walkup buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Maddd Equities owned at least 21 commercial properties with 22 residential units in New York City with 810,554 square feet and a city-determined market value of $175.4 million. (Market value is typically about 50% of actual value.) The portfolio has $285.4 million in debt, with top three lenders as NYC Housing Development Corporation, Sterling National Bank, and Lakeland Bank respectively. Within the portfolio, the bulk, or 37 percent of the 810,554 square feet of built space are office properties, with W3 properties next occupying 18 percent of the space. The bulk, or 59 percent of the built space, is in Bronx, with Manhattan next at 26 percent of the space.

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