Namdar, Klosed pay $7.4M for two walkups in Belmont

Namdar Realty Group and Klosed Properties through the entity 2505-2509 Hoffman Bh LLC paid $7.4 million to Ranjana Mehta through the entity Om LLC for the 25-unit residential walkup building (C1) at 2505 Hoffman Street and the 26-unit residential walkup building (C1) at 2509 Hoffman Street in Belmont, the Bronx.
The deal closed on February 14, 2023 and was recorded on February 17, 2023. The two properties have 35,624 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $207 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 Ranjana Mehta was Ranjana Mehta. The signatory for Namdar Realty Group and Klosed Properties was Igal Namdar and Steven Kashanian. Namdar has an 85 percent tenant-in-common interest, while Klosed Properties has a 15 percent interest.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2509 Hoffman Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Namdar Realty Group purchased 13 properties in 10 transactions for a total of $164.2 million and has no record it sold any properties over the past 24 months.
The seller Ranjana Mehta 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 Lalita Singh, head officer and Devendra Singh, officer. The business entity is Om Llc. The two properties with a total of 35,624 square feet of built space generated revenue of $634,645 per year or $18 per square foot. The sale price per square foot was $208.

The property

The 2509 Hoffman Street parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,026 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 28 housing violations and $150 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 block

On the tax block of 2509 Hoffman Street, PincusCo has identified the owners of one of the 19 commercial properties representing 135,985 square feet of the 232,049 square feet. The identified owner is City of New York.
On the tax block, there were five new building construction projects totaling 20,780 square feet. The largest is a three-unit, 4,404-square-foot R-2 building developed by Peter Terranova with plans filed March 10, 2020 and permitted April 15, 2022. The second largest is a three-unit, 4,133-square-foot R-2 building developed by Peter Terranova with plans filed March 10, 2020 and permitted August 16, 2021.

The majority, or 59 percent of the 232,049 square feet of built space are specialty buildings, with walkup buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Ranjana Mehta owned at least one commercial property in New York City with 9,660 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.3 million in debt, borrowed from Santander Bank. The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 62 commercial properties in New York City with 1,451,753 square feet and a city-determined market value of $243.9 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 26 percent of the 1,451,753 square feet of built space are office properties, with elevator properties next occupying 24 percent of the space. The bulk, or 71 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 51 commercial properties in New York City with 889,566 square feet and a city-determined market value of $104.5 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 40 percent of the 889,566 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Bronx next at 25 percent of the space.

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