Major multifamily landlords Eric Miller, Yechiel Weinberger pay $14.2M for residential walkups in Bronx

Yechiel Weinberger and Eric Miller pay $14.2 million to Roseann Manginelli for two residential walkups in the Bronx in two separate transactions. This is Miller’s second and third purchase since 2021. Miller controls at least 2,400 residential apartments, according to a PincusCo analysis of city owners.

In the larger, Parkway Realty Associates and Eric Miller through the entity Weblin LLC paid $8 million to Roseann Manginelli through the entity 2518/2520 Webb LLC for the midblock 69-unit residential walkup building at 2518-20 Webb Avenue in Fordham Manor, Bronx.
The deal closed on April 12, 2022 and was recorded on April 26, 2022. The property has 78,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $101 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 Roseann Manginelli was Roseann Manginelli. The signatory for Parkway Realty Associates and Eric Miller was Eric Miller. Eric Miller is vice president of Parkway Realty Associates.

In the second transaction, Parkway Realty Associates and Eric Miller through the entity Weblin LLC paid $6.2 million to Roseann Manginelli through the entity 2807/2809 Claflin Realty LLC for the 45-unit residential walkup building at 2807-09 Claflin Avenue in Kingsbridge Heights, Bronx. The deal closed on April 12, 2022 and was recorded on April 26, 2022.

The property has 48,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $130 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 July 8, 2008, for $4 million. The signatory for Roseann Manginelli was Roseann Manginelli. The signatory for Parkway Realty Associates and Eric Miller was Eric Miller.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eric Miller purchased one properties in one transactions for a total of $6.8 million and has no record it sold any properties over the past 24 months.
The seller Roseann Manginelli 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 Rosa Ferraro, head officer and Juan Rivera, site manager. The business entities are Appula Mgmt Corp and 2518/2520 Webb Llc. The 78,000-square-foot property generated revenue of $835,086 or $11 per square foot, according to the most recent income and expense figures.

The property

The 2518-20 Webb Avenue parcel has frontage of 156 feet and is 142 feet deep with a total lot size of 22,152 square feet. The zoning is R6 which allows for up to 2.43 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 87 housing violations and $650 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 Fordham Manor, the bulk, or 32 percent of the 21.6 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 30 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $157.8 million in sales volume in the last two years. For development, Fordham Manor has near average amount of major developments among other neighborhoods and is the 9th highest in Bronx. It had 849,436 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 555,979 square feet of the 1,052,498 square feet. The largest owner is Leopold Friedman, followed by Prana Investments and then Barry Singer. There is one active new building construction project totaling 28,157 square feet. It is a 37-unit, 28,157-square-foot R-2 building developed by Israel Frankel with plans filed February 22, 2022 and it has not been permitted yet.

The majority, or 70 percent of the 1.1 million square feet of built space are specialty buildings, with residential walkup buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Eric Miller owned at least 51 commercial properties with 2,825,378 square feet and a city-determined market value of $182.7 million. (Market value is typically about 50% of actual value.) The portfolio has $428 million in debt, with top three lenders as New York Community Bank, Sterling National Bank, and Santander Bank respectively. Within the portfolio, the bulk, or 73 percent of the 2,825,378 square feet of built space are residential elevator properties, with residential walkup properties next occupying 27 percent of the space. The bulk, or 76 percent of the built space, is in Brooklyn, with Bronx next at 18 percent of the space.
The PincusCo database currently indicates that Parkway Realty Associates owned at least one commercial property with 35,120 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Santander Bank. The portfolio consists of at least a single residential walkup property. It is located in Brooklyn.

Surrounding

Within a 400-foot radius of 2518-20 Webb Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit application filed on February 22, 2022 for a 26,543-square-foot R-2 building with 37 residential units at 115 West 190th Street.
One of those two items was a loan which Barry Singer borrowed $39 million from LMF Commercial secured by the 24,000-square-foot, 57-unit rental (C1) on 2500 Webb Avenue and six other properties on December 14, 2021.

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