Menachem Gansberg pays $7.8M to Chaim Abramson for 34-unit walkup in Concourse

Menachem Gansberg through the entity 131 East 169st LLC paid $7.8 million to Chaim Abramson through the entity 131 East 169th LLC for the midblock 34-unit residential walkup building at 127 East 169th Street in Concourse, Bronx.
The deal closed on May 19, 2022 and was recorded on June 10, 2022. The property has 30,740 square feet of built space and 23,400 square feet of additional air rights for a total buildable of 54,180 square feet according to PincusCo analysis of city data. The sale price per built square foot is $252 and the price per buildable square foot is $143 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 December 4, 2007, for $3 million. The signatory for Chaim Abramson was Chaim Abramson. The signatory for Menachem Gansberg was Menachem Gansberg.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Ismael Ayala, head officer and Jorge Ruiz, agent. The business entities are 131 East 169th Llc and 131 E 169 Llc. The 30,740-square-foot property generated revenue of $651,065 or $21 per square foot, according to the most recent income and expense figures.

The property

The 127 East 169th Street parcel has frontage of 100 feet and is 90 feet deep with a total lot size of 9,000 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received 38 housing violations and $400 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Concourse, the bulk, or 40 percent of the 15.8 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, Concourse has had very little sales volume relative to other neighborhoods with $54.1 million in sales volume in the last two years. For development, Concourse has 1.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Bronx. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 17 commercial properties representing 359,485 square feet of the 593,414 square feet. The largest owner is Finkelstein Timberger East Real Estate, followed by Demetrios Moragianis and then Yechiel Landau. There is one active new building construction project totaling 67,852 square feet. It is a 122-unit, 67,852-square-foot R-2 building developed by Paul Kress with plans filed June 30, 2017 and permitted October 18, 2018.

The majority, or 80 percent of the 616,236 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Chaim Abramson owned at least seven commercial properties with 219,536 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) The portfolio has $20.6 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 67 percent of the 219,536 square feet of built space are walkup properties, with elevator properties next occupying 33 percent of the space. They are all located in Bronx.

Surrounding

Within a 400-foot radius of 127 East 169th Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Denali Management bought the 36,700-square-foot, 38-unit rental (D1) on 115 East 169th Street for $5.1 million from Diamond Property Group on December 8, 2021.
Of those three items, two were loans above $5 million totaling $13.7 million. The most recent of the two was Atlantic Development Group which borrowed $7.6 million from JLL secured by the 56,291-square-foot, 64-unit rental (D1) on 128 East Clarke Place on October 1, 2021.

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