MB Capital Assets sells 47-unit walkup in Bedford Park for $5.1M

An anonymously owned entity 199th Waring LLC registered at the law firm Smith Buss & Jacobs paid $5.1 million to MB Capital Assets through the entity Mac Bronx Portfolio I, LLC for the 47-unit residential walkup building (C1) at 246 East 199th Street in Bedford Park, Bronx.
The deal closed on February 15, 2024 and was recorded on March 1, 2024. The property has 41,250 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $123 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 November 14, 2018, for $8.2 million. The signatory for MB Capital Assets was Hertzl Moezinia. The contract date was September 1, 2023.

Prior sales and revenue

The seller MB Capital Assets had not purchased any other properties and had not sold any properties over the past two years. The former owners according to the Department of Housing Preservation and Development includes Steven Birbach, head officer and Alba Beato, site manager. The business entity is Mac Bronx Portfolio I.

The property

The residential walkup building with 47 residential units in Bedford Park has 41,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 98 feet deep with a total lot size of 10,299 square feet. The lot is irregular. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 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 44 housing violations, $1,230 in OATH penalties, and three housing litigations 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

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 69,572 square feet of the 150,427 square feet. The identified owner is Finkelstein Timberger East Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 150,427 square feet of built space are walkup buildings, with mixed-use buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that MB Capital Assets owned at least one commercial property with nine residential units in New York City with 6,746 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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