The CMBS lender Series 2019-SB61 through the entity 2115 Mohegan Avenue- 10204188 LLC acquired at a valuation of $3.6 million from Nathan Rosenberg through the entity 1229 60 Street LLC the 25-unit residential walkup building (C1) at 2115 Mohegan Avenue in West Farms, Bronx. This is a deed-in-lieu of foreclosure.
The deal closed on May 10, 2023 and was recorded on May 19, 2023. The property has 19,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $182 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 May 15, 2019, for $4.2 million. The signatory for Nathan Rosenberg was Nathan Rosenberg. The CMBS Series 2019-SB61 owner is in care of KeyBank.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Series 2019-SB61 had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nathan Rosenberg had not purchased any other properties and had not sold any properties over the same time period. The business entities are Kinsey Equities Llc and 2115 Mohegan – 10204188 Llc. The 19,800-square-foot property generated revenue of $374,849 or $19 per square foot, according to the most recent income and expense figures.
The residential walkup building with 25 residential units in West Farms has 19,800 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 66 feet and is 72 feet deep with a total lot size of 4,795 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.
Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $4.2 million money judgment concerning a ownership filed on February 9, 2023, by Shahab Berokhim against Nathan Rosenberg and Sara Lebovits. In addition, according to city public data, the property has received 16 housing violations and $450 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of seven of the 16 commercial properties representing 146,439 square feet of the 234,375 square feet. The largest owner is Phipps Houses, followed by Lum Pelinkovic and then Joseph Khalili.
There are no active new building construction projects on this tax block.
The majority, or 91 percent of the 234,375 square feet of built space are walkup buildings, with elevator buildings next occupying 5 percent of the space.
Direct link to Acris document. link