Marc Pogostin pays $4.3M for industrial in Tremont

Marc Pogostin through the entity Brook Webster Development Co., Inc. paid $4.3 million to James Carroll through the entity City 4309 Property LLC for the industrial building (G2) at 4309 3rd Avenue in Tremont, Bronx.
The deal closed on September 14, 2023 and was recorded on September 26, 2023. The property has 16,380 square feet of built space and 16,739 square feet of additional air rights for a total buildable of 33,148 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $262 and the price per buildable square foot is $129 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 January 19, 2017, for $3 million. The signatory for James Carroll was James Carroll. The signatory for Marc Pogostin was Marc Pogostin. The contract date was July 21, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Marc Pogostin purchased one property in one transaction for a total of $2.3 million and has no record it sold any properties over the past 24 months.
The seller James Carroll had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Tremont has 16,380 square feet of built space and 16,739 square feet of additional air rights for a total buildable of 33,148 square feet according to a PincusCo analysis of city data. The parcel has frontage of 91 feet and is 90 feet deep with a total lot size of 8,287 square feet. The zoning is M1-4/R7A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $930,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has 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 Tremont, The bulk, or 41 percent of the 8.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Tremont has the 24th highest sale turnover among other neighborhoods in Bronx with $59.3 million in sales volume in the last two years. For development, Tremont has had very little major development activity relative to other neighborhoods.It had 671,013 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 161,944 square feet of the 213,794 square feet. The largest owner is Sebco Development, followed by Denali Management and then Aaron Bauer.
On the tax block, there was one new building construction project filed totaling 5,580 square feet. It is a 5,580 square-foot mercantile (M) building submitted by Ron Gilbert with plans filed April 20, 2017 and it has not been permitted yet.

The majority, or 66 percent of the 213,794 square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Marc Pogostin owned at least four commercial properties in New York City with 52,725 square feet and a city-determined market value of $4.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Bronx.

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