Marat Leshchinsky pays $6.8M to bankrupt entity for 30-unit walkup in Mott Haven

Marat Leshchinsky through the entity 540 Cab LLC paid $6.8 million to the bankrupt Alejandro Quito entity through the bankruptcy Trustee Of Mel Services, Inc. for 30-unit residential walkup building at 540 Concord Avenue in Mott Haven, Bronx.
The deal closed on February 28, 2022 and was recorded on March 3, 2022.
The property has 24,790 square feet of built space and 2,720 square feet of additional air rights for a total buildable of 27,520 square feet according to PincusCo analysis of city data. The sale price per built square foot is $274 and the price per buildable square foot is $247 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 June 30, 2009, for $2.8 million.
The signatory for the bankrupt Alejandro Quito entity was Howard P. Magaliff. The signatory for Marat Leshchinsky was Marat Leshchinsky.

The property was sold following the bankruptcy filing of Alejandro Quito’s Mel Service Inc.

In Mott Haven, the bulk, or 38 percent of the 43.4 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2.7 times the average sales volume among other neighborhoods with $744 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 7th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
On the tax block, the majority, or 37 percent of the 184,686 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 25 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Alejandro Quito, head officer and Domingo Ortiz, site manager. The business entity was Mel Service Inc.
Within a 400-foot radius of 540 Concord Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on February 17, 2022 for a 36,178-square-foot R-2 building with 26 residential units at 499 Concord Avenue.
Of those four items, two were loans above $5 million totaling $24.1 million. The most recent of the two was Stefano Scarogni which borrowed $11.4 million from Northeast Community Bank secured by the 6,577-square-foot, 72-unit rental (D7) on 530 Wales Avenue and two other properties on June 7, 2021.

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