Meilech Friedman pays $4M for 72-unit dev site in Mott Haven, gets $8.2M loan

Meilech Friedman through the entity Concord Residence LLC paid $4 million to Usher Steinmetz, Jacob Steinmetz, and Solomon Steinmetz through the entity New Concord Realty LLC for the industrial building (E9) at 533 Concord Avenue in Mott Haven, Bronx.

The largest is a new building project for a 72-unit, 63,347 square-foot residential (R-2) building submitted by Jacob Steinmetz and MetroCap Partners and filed by Meshulem Twersky with plans filed October 9, 2019 and it has not been permitted yet.

The deal closed on May 9, 2024 and was recorded on May 17, 2024. The property has 6,792 square feet of built space and 10,657 square feet of additional air rights for a total buildable of 17,458 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $588 and the price per buildable square foot is $229 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 Usher Steinmetz, Jacob Steinmetz, and Solomon Steinmetz was Usher Steinmetz, Jacob Steinmetz, and Solomon Steinmetz. The signatory for Meilech Friedman was Meilech Friedman. The contract date was December 22, 2023.

Meilech Friedman obtained an $8.2 million new construction loan with Broadview Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Meilech Friedman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Usher Steinmetz had not purchased any other properties and had not sold any properties over the same time period. The 6,792-square-foot property generated revenue of $122,188 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Mott Haven has 6,792 square feet of built space and 10,657 square feet of additional air rights for a total buildable of 17,458 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 103 feet deep with a total lot size of 5,075 square feet. The lot is irregular. 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 $681,000.

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 four DOB violations in the last year.

Development

On the lot, there are four active new building construction projects and major alteration projects. The largest is a new building project for a 72-unit, 63,347 square-foot R-2 building submitted by Jacob Steinmetz|MetroCap Partners and filed by Meshulem Twersky with plans filed October 9, 2019 and it has not been permitted yet.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 1.2 times the average sales volume among other neighborhoods with $336.4 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 2.3 million 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 eight of the 18 commercial properties representing 89,394 square feet of the 167,170 square feet. The largest owner is Yellow Jacket Ventures, followed by Yehoshia Sturm and then Vaja Group.
On the tax block, there were six new building construction projects totaling 260,417 square feet. The largest is a 72-unit, 63,347 square-foot residential (R-2) building submitted by Jacob Steinmetz|MetroCap Partners and filed by Meshulem Twersky with plans filed October 9, 2019 and it has not been permitted yet. The second largest is a 72-unit, 63,347 square-foot residential (R-2) building submitted by Jacob Steinmetz and filed by Meshulem Twersky with plans filed October 9, 2019 and it has not been permitted yet.

The majority, or 58 percent of the 167,170 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Usher Steinmetz owned at least one commercial property with eight residential units in New York City with 8,960 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 Brooklyn.

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