Mark Reisman pays $12.6M for assisted living property in Olinville

Mark Reisman through the entity Parkview Mansion Properties LLC paid $12.6 million to Alex Edelman through the entity Bronx East Realty LLC for the assisted living building (I7) at 3200 Bronx Boulevard in Olinville, Bronx.
The deal closed on November 17, 2023 and was recorded on November 27, 2023. The property has 37,250 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $338 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 May 7, 2003, for $2.9 million. The signatory for Alex Edelman was Alex Edelman. The signatory for Mark Reisman was Mark Reisman. The contract date was November 16, 2023.

This is an assisted living facility with 118 beds. Jeffrey Edelman operates the facility through Parkview HFA Inc., the tenant of the building. Jeffrey Edelman operates assisted living homes.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mark Reisman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alex Edelman had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Olinville has 37,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 100 feet deep with a total lot size of 9,813 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.7 million.

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 received one DOB violation and $75 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 $1 million on this tax lot.

The neighborhood

In Olinville, The majority, or 55 percent of the 2.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Olinville has the 43rd highest sale turnover among other neighborhoods in Bronx with $15 million in sales volume in the last two years. For development, Olinville has had very little major development activity relative to other neighborhoods.It had 119,150 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 22,713 square feet of the 146,999 square feet. The two identified owners are Nick Gazivoda and Friedman Management.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 146,999 square feet of built space are industrial buildings, with specialty buildings next occupying 25 percent of the space.

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