Maheshchand Ratanji pays $6M for 85-room hotel in Concourse Village

Maheshchand M. Ratanji through the entity Bronx River Hotel LLC paid $6 million to Joseph Yunatanov through the entity 3551 Boston Associates LLC for development building (V1) at 869 Concourse Village West in Concourse Village, Bronx.
On the lot, there is one active new building construction project for a 85-unit, 27,920 square-foot hotel (R-1) building. The project was developed by Joseph Yunatanov with plans filed December 4, 2019.
The sale closed on March 9, 2023 and was recorded on March 16, 2023.
The seller bought the property on March 30, 2017, for $470,000. The signatory for Joseph Yunatanov was Joseph Yunatanov. The signatory for Maheshchand M. Ratanji was Maheshchand M. Ratanji.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Maheshchand M. Ratanji purchased one properties in one transactions for a total of $3.6 million and sold one properties in one transactions for a total of $11.3 million over the past 24 months.
The seller Joseph Yunatanov had not purchased any other properties and had not sold any properties over the same time period.

The property

The 869 Concourse Village We parcel has frontage of 25 feet and is 96 feet deep with a total lot size of 4,775 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $345,000.

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 $1,830 in OATH penalties in the last year.

The neighborhood

In Concourse Village, the bulk, or 39 percent of the 17.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Concourse Village has had very little sales volume relative to other neighborhoods with $171.4 million in sales volume in the last two years. For development, Concourse Village has had very little major development activity relative to other neighborhoods.It had 504,509 square feet of commercial and multi-family construction under development in the last two years, which represents 3 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 149,464 square feet of the 395,562 square feet. The two identified owners are Kenny Nasab and Harry Hirsch.
On the tax block, there were two new building construction projects totaling 62,019 square feet. The largest is a 85-unit, 34,099-square-foot R-1 building developed by Nehalkumar Gandhi with plans filed April 8, 2016 and permitted January 18, 2018. The second largest is a 85-unit, 27,920-square-foot R-1 building developed by Joseph Yunatanov with plans filed December 4, 2019.

The majority, or 52 percent of the 395,562 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Joseph Yunatanov owned at least two commercial properties in New York City with 61,766 square feet and a city-determined market value of $13.4 million. (Market value is typically about 50% of actual value.) The portfolio has $11 million in debt, borrowed from New Millennium Bank. Within the portfolio, the bulk, or 71 percent of the 61,766 square feet of built space are hotel properties, with retail properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Queens next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Maheshchand M. Ratanji owned at least 14 commercial properties in New York City with 249,345 square feet and a city-determined market value of $33.6 million. (Market value is typically about 50% of actual value.) The portfolio has $112.7 million in debt, with top three lenders as Webster Bank, PCSB Bank, and State Bank of Texas respectively. Within the portfolio, the bulk, or 90 percent of the 249,345 square feet of built space are hotel properties, with office properties next occupying 6 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Bronx next at 34 percent of the space.

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