Maxwell Lawrence Real Estate Trust pays $4.2M for 28-unit walkup in Soundview

Maxwell Lawrence Real Estate Trust paid $4.2 million to Maurice Kavanagh through the entity Mksz Realty, Inc. for the 28-unit residential walkup building (C1) at 1342 St. Lawrence Avenue in Soundview, Bronx.
The deal closed on May 10, 2023 and was recorded on May 16, 2023. The property has 20,620 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $201 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 Maurice Kavanagh was Maurice Kavanagh. The signatory for Maxwell Lawrence Real Estate Trust were Marc Resnick and Michelle Baratta.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Maxwell Lawrence Real Estate Trust had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maurice Kavanagh had not purchased any other properties and sold one property in one transaction for a total of $6.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dominica Oneill, head officer and Anthony Perales, site manager. The business entity is Mksz Realty Inc. The 20,620-square-foot property generated revenue of $457,840 or $22 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 28 residential units in Soundview has 20,620 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 54 feet and is 115 feet deep with a total lot size of 6,210 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 $1.8 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 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 block

There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 58,709 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Marc Resnick owned at least one commercial property with 10 residential units in New York City with 9,800 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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