Manny Chadha pays $5M to Osher Niyazov for hotel in Soundview

Manny Chadha through the entity 1162 Investors LLC paid $5 million to Osher Niyazov through the entity 1162 Wheeler LLC for hotel building (H3) at 1162 Wheeler Avenue in Soundview, Bronx.
The deal closed on October 28, 2022 and was recorded on November 14, 2022. The property has 9,916 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $504 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 Osher Niyazov was Osher Niyazov. The signatory for Manny Chadha was Manny Chadha.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Manny Chadha purchased one properties in one transactions for a total of $5.5 million and has no record it sold any properties over the past 24 months.
The seller Osher Niyazov 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 Beniamin Sadykov, head officer and Robert Matatov, agent. The business entities are 1162 Wheeler Llc and 1162 Wheeler Llc.

The property

The 1162 Wheeler Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times 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 $6,350 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 16, 2022. 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 Soundview, the majority, or 61 percent of the 21.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Soundview has had very little sales volume relative to other neighborhoods with $165 million in sales volume in the last two years. For development, Soundview is the 5th most active neighborhood among other neighborhoods. It had 9.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 42 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 73,000 square feet of the 304,575 square feet. The two identified owners are Joseph Friedman and Langsam Property Services.
On the tax block, there was one new building construction project filed totaling 22,638 square feet. It is a 72-unit, 22,638-square-foot R-1 building developed by Nehalkumar Gandhi with plans filed February 22, 2016 and permitted February 21, 2017.

The majority, or 80 percent of the 304,575 square feet of built space are walkup buildings, with hotel buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Osher Niyazov owned at least one commercial property in New York City with 32,573 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio has $14.5 million in debt, borrowed from State Bank of Texas and Alpine Capital Bank. The portfolio consists of at least a single hotel property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Manny Chadha owned at least two commercial properties in New York City with 33,826 square feet and a city-determined market value of $8.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Spring Bank. Within the portfolio, the bulk, or 67 percent of the 33,826 square feet of built space are hotel properties, with N2 properties next occupying 33 percent of the space. They are all located in Bronx.

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