Mark Sonnenschein pays $2.2M for two dev parcels in Melrose

Mark Sonnenschein through the entity 158th Street Partners LLC paid $2.2 million to 407 E158 Street LLC for development parcel at 409 East 158th Street in Melrose, Bronx and the development parcel at 407 East 158th Street in Melrose, Bronx.
The deal closed on January 25, 2022 and was recorded on February 9, 2022.
The two properties have 0 square feet of built space and 23,650 square feet of additional air rights for a total buildable of 23,650 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $93 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 407 E158 Street LLC was Howard Brickner. The signatory for Mark Sonnenschein was Mark Sonnenschein.
Prior to this transaction, the buyer Mark Sonnenschein had not purchased any other properties and had not sold any properties over the past 24 months.
The seller 407 E158 Street LLC had not purchased any other properties and had not sold any properties over the same time period.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There have been 2 demolition projects filed over the past five years.
In Melrose, the majority, or 51 percent of the 9 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 15 percent of the space. In sales, Melrose has the 36th highest sale turnover among other neighborhoods in Bronx with $10.7 million in sales volume in the last two years. For development, Melrose has had very little major development activity relative to other neighborhoods.It had 164,342 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 53 percent of the 234,711 square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 42 percent of the space.
Within a 400-foot radius of 409 East 158th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $28.8 million. The most recent of the two was Atlantic Development Group which borrowed $14 million from JLL secured by the 193,564-square-foot, 171-unit rental (D7) on 404 East 158th Street on February 3, 2020.

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