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

Nedzad Kolenovic through the entity 4030 Bronx Blvd LLC paid $5.2 million to Joseph Yasgur through the entity 4030 Bronx Blvd. Associates, L.L.C. for the 53-unit residential elevator building (D1) at 4030 Bronx Boulevard in Wakefield, Bronx.
The deal closed on October 5, 2023 and was recorded on October 17, 2023. The property has 50,338 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $104 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 Joseph Yasgur was Joseph Yasgur. The signatory for Nedzad Kolenovic was Nedzad Kolenovic. The contract date was June 27, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Nedzad Kolenovic purchased one property in one transaction for a total of $5.2 million and has no record it sold any properties over the past 24 months.
The seller Joseph Yasgur 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 Lena Gershenov, head officer and Joseph Yasgur, officer. The business entities are 4030 Bronx Blvd Assoc Llc and 4030 Bronx Blvd Assoc Llc. The 50,338-square-foot property generated revenue of $713,172 or $14 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 53 residential units in Wakefield has 50,338 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 111 feet and is 105 feet deep with a total lot size of 11,764 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 $1.9 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 26 housing violations and $1,450 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 one of the three commercial properties representing 54,177 square feet of the 107,363 square feet. The identified owner is Finkelstein Timberger East Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 107,363 square feet of built space are elevator buildings, with specialty buildings next occupying 3 percent of the space.

The buyer

The PincusCo database currently indicates that Nedzad Kolenovic owned at least five commercial properties with 173 residential units in New York City with 193,036 square feet and a city-determined market value of $9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 193,036 square feet of built space are elevator properties, with walkup properties next occupying 6 percent of the space. They are all located in Bronx.

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