MSA Investments pays $5.5M to BNS for retail in Concourse Village

MSA Investments through the entity 1175-1181 Webster Ave Realty LLC paid $5.5 million to BNS Real Estate through the entity 1181 Webster Avenue LLC for the retail building (K1) at 1175 Webster Avenue in Concourse Village, Bronx.
The deal closed on January 16, 2025 and was recorded on February 18, 2025. The property has 16,400 square feet of built space for a total buildable of 16,404 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $335 and the price per buildable square foot is $335 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 BNS Real Estate was Bradford S. Barr . The signatory for MSA Investments was Muhammed Sultan Andha . The contract date was July 31, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer MSA Investments purchased two properties in two transactions for a total of $9 million and has no record it sold any properties over the past 24 months.
The seller BNS Real Estate had not purchased any other properties and sold six properties in six transactions for a total of $34.6 million over the same time period. The 16,400-square-foot property generated revenue of $315,377 or $19 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Concourse Village has 16,400 square feet of built space for a total buildable of 16,404 square feet according to a PincusCo analysis of city data. The parcel has frontage of 164 feet and is 100 feet deep with a total lot size of 16,404 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing 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 $12,660 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 31, 2017. 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 Concourse Village, The bulk, or 39 percent of the 17.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Concourse Village has the 25th highest sale turnover among other neighborhoods in Bronx with $36 million in sales volume in the last two years. For development, Concourse Village has 1.5 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Bronx. It had 1.7 million 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 11 of the 23 commercial properties representing 186,735 square feet of the 348,386 square feet. The largest owner is Arker Companies, followed by Aziz Tareb and then Prana Investments.
On the tax block, there were two new building construction projects totaling 277,245 square feet. The largest is a 259-unit, 218,126 square-foot residential (R-2) building submitted by Marc Schur and filed by Marc Schur with plans filed August 8, 2023 and it has not been permitted yet. The second largest is a 72-unit, 59,119 square-foot residential (R-2) building submitted by New Destiny Housing Corporation and filed by Nicole Branca with plans filed October 26, 2023 and it has not been permitted yet.

The majority, or 41 percent of the 348,386 square feet of built space are walkup buildings, with elevator buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Bns Real Estate owned at least two commercial properties with 80 residential units in New York City with 139,803 square feet and a city-determined market value of $14.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 139,803 square feet of built space are industrial properties, with elevator properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Bronx, with Brooklyn next at 44 percent of the space.

The buyer

The PincusCo database currently indicates that Msa Investments owned at least two commercial properties in New York City with 25,582 square feet and a city-determined market value of $3.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 25,582 square feet of built space are mixed-use properties, with retail properties next occupying 39 percent of the space. The bulk, or 61 percent of the built space, is in Bronx, with Manhattan next at 39 percent of the space.

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