Namdar, Klosed acquire 21-unit Fordham Heights rental through foreclosure

Namdar Realty Group and Klosed Properties through the entity 2250 Grand Concourse BH LLC acquired the 21-unit residential walkup building (C1) at 2250 Grand Concourse in Fordham Heights, Bronx, through a judicial foreclosure with a credit bid as the former lender. The expected use is cash flowing. The transfer value on Acris was $3.6 million.
The deal closed on July 22, 2024 and was recorded on July 26, 2024. The property has 17,270 square feet of built space and 12,847 square feet of additional air rights for a total buildable of 30,093 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $209 and the price per buildable square foot is $119 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 former owner Abdul M. Khan bought the property on July 11, 2007, for $1.7 million. The signatory for the court was referee Stephen B. Kaufman. The signatory for Namdar Realty Group and Klosed Properties was Igal Namdar and Steven Kashanian. The contract date was June 10, 2024. Namdar bought the loan in 2022 from Customers Bank, so this is not an arms length transaction. This is a foreclosure case in Bronx County, under index number 31174/2019E. Steven Kashanian owns 15% and Namdar owns 85% of the new entity.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Namdar Realty Group purchased 11 properties in 10 transactions for a total of $316.3 million and has no record it sold any properties over the past 24 months.
The seller Abdul M. Khan had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Abdul Khan, head officer and Charity Cintron, site manager. The business entity is 2250 Superior Apartments Llc. The 17,270-square-foot property generated revenue of $355,891 or $21 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 21 residential units in Fordham Heights has 17,270 square feet of built space and 12,847 square feet of additional air rights for a total buildable of 30,093 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 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 $1.5 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 $1,280 in ECB penalties, 69 housing violations, and $2,280 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 block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 157,144 square feet of the 249,174 square feet. The largest owner is Abdul M. Khan, followed by City Of New York and then Cristian Herrera.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 249,174 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Abdul M. Khan owned at least three commercial properties with 81 residential units in New York City with 74,775 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 76 commercial properties with 923 residential units in New York City with 1,835,014 square feet and a city-determined market value of $366.5 million. (Market value is typically about 50% of actual value.) The portfolio has $150.6 million in debt, with top three lenders as Benefit Street Partners, Signature Bank, and Ladder Capital respectively. Within the portfolio, the bulk, or 35 percent of the 1,835,014 square feet of built space are office properties, with walkup properties next occupying 22 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Bronx next at 15 percent of the space.
The PincusCo database currently indicates that Klosed Properties owned at least 63 commercial properties with 820 residential units in New York City with 985,743 square feet and a city-determined market value of $140.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 36 percent of the 985,743 square feet of built space are walkup properties, with elevator properties next occupying 36 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Bronx next at 27 percent of the space.

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