Miguel Luna pays $7.3M for retail in Throgs Neck

Miguel Luna through the entity 3582 Throgs Neck Realty LLC paid $7.3 million to Donald Engeldrum and Lizanne Catalano through the entity Engeldrum Real Estate LLC for the retail building (K1) at 3590 East Tremont Avenue in Throgs Neck, Bronx. The expected use is cash flowing. The building is occupied by a Walgreens store.
The deal closed on October 29, 2024 and was recorded on November 8, 2024. The property has 12,500 square feet of built space for a total buildable of 12,531 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $586 and the price per buildable square foot is $584 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 Donald Engeldrum and Lizanne Catalano was Donald Engeldrum and Lizanne Catalano. The signatory for Miguel Luna was Miguel Luna. The contract date was October 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Miguel Luna purchased one property in one transaction for a total of $5.9 million and has no record it sold any properties over the past 24 months.
The seller Donald Engeldrum had not purchased any other properties and had not sold any properties over the same time period. The 12,500-square-foot property generated revenue of $219,171 or $18 per square foot, according to the most recent income and expense figures.

The property

The retail building in Throgs Neck has 12,500 square feet of built space for a total buildable of 12,531 square feet according to a PincusCo analysis of city data. The parcel has frontage of 220 feet and is 100 feet deep with a total lot size of 25,063 square feet. The lot is irregular. The zoning is R3A which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 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 $800 in ECB penalties and $800 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 $1 million on this tax lot.

The neighborhood

In Throgs Neck, The bulk, or 36 percent of the 5.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 29 percent of the space. In sales, Throgs Neck has the 42nd highest sale turnover among other neighborhoods in Bronx with $10 million in sales volume in the last two years. For development, Throgs Neck has had very little major development activity relative to other neighborhoods.It had -204,735 square feet of commercial and multi-family construction under development in the last two years, which represents -3.81 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 15,480 square feet of the 116,963 square feet. The identified owner is United States Postal Service.
On the tax block, there was one new building construction project filed totaling 4,488 square feet. It is a 4,488 square-foot assembly (A-2) building submitted by Rona Woldenberg with plans filed February 27, 2017 and permitted November 24, 2020.

The majority, or 41 percent of the 116,963 square feet of built space are retail buildings, with office buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Miguel Luna owned at least three commercial properties in New York City with 26,141 square feet and a city-determined market value of $10.8 million. (Market value is typically about 50% of actual value.) The portfolio has $11.1 million in debt, borrowed from Bank of Hope. Within the portfolio, all identified are retail properties. The bulk, or 65 percent of the built space, is in Bronx, with Manhattan next at 35 percent of the space.

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