Nedzad Kolenovic pays $5.2M for 53-unit rental in Soundview

Nedzad Kolenovic through the entity 1210 Stratford LLC paid $5.2 million to Menachem Mendel Ickowics through the entity Marquis Realty LLC for the 53-unit residential elevator building (D1) at 1210 Stratford Avenue in Soundview, Bronx.
The deal closed on July 13, 2023 and was recorded on July 24, 2023. The property has 52,536 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $98 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 Menachem Mendel Ickowics was Menachem Mendel Ickowics. The signatory for Nedzad Kolenovic was Nedzad Kolenovic.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nedzad Kolenovic had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Menachem Mendel Ickowics 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 Lazer Kviatt, head officer and Naftali Hager, officer. The business entities are Hager Management Inc. and Marquis Realty Llc. The 52,536-square-foot property generated revenue of $690,953 or $13 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 53 residential units in Soundview has 52,536 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 100 feet deep with a total lot size of 11,999 square feet. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $2.6 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 $1,250 in ECB penalties and $1,600 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 four of the eight commercial properties representing 150,136 square feet of the 262,326 square feet. The largest owner is Sba Site Management, Llc, followed by Robinson Morel and then Miller Management.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 262,326 square feet of built space are elevator buildings, with walkup buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Nedzad Kolenovic owned at least four commercial properties with 120 residential units in New York City with 140,500 square feet and a city-determined market value of $6.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 140,500 square feet of built space are elevator properties, with walkup properties next occupying 9 percent of the space. They are all located in Bronx.

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