Moses Ostreicher pays $3M for parking lot in Williamsbridge

UPDATED: Moses Ostreicher through the entity 216 Street LLC paid $3 million to the entity 729 E 216th St, Bronx, Ny LLC with the signatory Solomon Rabi, for the parking lot (G7) at 727 East 216th Street in Williamsbridge, Bronx. Ostreicher owns the neighboring parcel, 729 East 216th Street, purchased last month for $730,000.
The deal closed on February 1, 2023 and was recorded on February 28, 2023. The property has zero square feet of built space and 11,416 square feet of additional air rights for a total buildable of 11,416 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $264 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 August 31, 2022, for $710,000. The signatory for Solomon Rabi was Solomon Rabi. The signatory for Moses Ostreicher was Moses Z. Ostreicher.

Prior sales and revenue

The seller Solomon Rabi had not purchased any other properties and had not sold any properties over the same time period.

The property

The 727 East 216th Street parcel has frontage of 25 feet and is 114 feet deep with a total lot size of 2,854 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $197,000.

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 not received any significant violations 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 Williamsbridge, the bulk, or 40 percent of the 6.8 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Williamsbridge has the 23rd highest sale turnover among other neighborhoods in Bronx with $64 million in sales volume in the last two years. For development, Williamsbridge has had very little major development activity relative to other neighborhoods.It had 663,169 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 18 commercial properties representing 21,447 square feet of the 50,881 square feet. The largest owner is Shaya Seidenfeld, followed by Jailall Jagmohan Family Trust Ii and then Franklin Crawford.
On the tax block, there were two new building construction projects totaling 13,450 square feet. The largest is a 18-unit, 8,450-square-foot R-2 building developed by Gjergj Bujaj with plans filed April 11, 2022 and it has not been permitted yet. The second largest is a 13-unit, 5,000-square-foot R-2 building developed by Chayim Rosenfeld with plans filed April 15, 2022 and it has not been permitted yet.

The majority, or 47 percent of the 50,881 square feet of built space are mixed-use buildings, with walkup buildings next occupying 45 percent of the space.

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