MBD pays $25.8M for 57-unit building in Fordham Heights

MBD Community Housing Corp. through the entity MBD Tiebout Housing Development Fund Corporation paid $25.8 million to the seller through the entity 2468 Tiebout Development LLC for the 57-unit residential elevator building (D7) at 2468 Tiebout Avenue in Fordham Heights, Bronx.
The deal closed on June 27, 2024 and was recorded on July 5, 2024. The property has 55,939 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $461 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 February 7, 2019, for $2.7 million. The signatory for the seller was SKF Development’s Ayush Kapahi. The signatory for MBD Community Housing Corp was Derrick A. Lovett. The contract date was February 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer MBD Community Housing Corp. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller SKF Development purchased one properties in one transactions for a total of $7 million and had not sold any properties over the same time period.

The property

The residential elevator building with 57 residential units in Fordham Heights has 55,939 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 113 feet and is 100 feet deep with a total lot size of 11,299 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million. The most recent loan totaled $18.2 million and was provided by Metropolitan Commercial Bank on July 19, 2023.

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 $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 13, 2024, for job number 220694719.

The block

On this tax block, PincusCo has identified the owners of 10 of the 24 commercial properties representing 210,329 square feet of the 339,472 square feet. The largest owner is Workforce Housing Group, followed by Skf Development and then Marshall G. Rose.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 339,472 square feet of built space are walkup buildings, with retail buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that SKF Development owned at least 11 commercial properties with 666 residential units in New York City with 308,180 square feet and a city-determined market value of $24.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 308,180 square feet of built space are elevator properties, with D7 properties next occupying 23 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that MBD Community Housing Corp. owned at least 43 commercial properties with 1,291 residential units in New York City with 1,140,064 square feet and a city-determined market value of $88.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 44 percent of the 1,140,064 square feet of built space are elevator properties, with walkup properties next occupying 42 percent of the space. They are all located in Bronx.

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