Nonprofit Every Day is a Miracle pays $1.9M for 6-unit walkup in Morrisania
The nonprofit Every Day is a Miracle through the entity Every Day Is A Miracle Holdings LLC paid $1.9 million to Mikel Dekaj through the entity 810 E. 165 LLC for the six-unit residential walkup building (C2) at 810 East 165th Street in Morrisania, Bronx.
The deal closed on April 27, 2023 and was recorded on May 15, 2023. The property has 5,688 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $334 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 17, 2019, for $375,000. The signatory for Mikel Dekaj was Mikel Dekaj. The signatory for Every Day is a Miracle was Maria Torres. Every Day is a Miracle is a nonprofit, “hunger relief organization that dedicates its efforts to helping low-income families overcome socio-economic difficulties and improve quality of life in the city of the Bronx.”
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Every Day is a Miracle had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mikel Dekaj had not purchased any other properties and had not sold any properties over the same time period. The 5,688-square-foot property generated revenue of $114,614 or $20 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 6 residential units in Morrisania has 5,688 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 80 feet deep with a total lot size of 2,000 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 $544,000.
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 $50 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 two of the eight commercial properties representing 181,078 square feet of the 286,943 square feet. The two identified owners are New York City Housing Authority and David Somerstein.
There are no active new building construction projects on this tax block.
The majority, or 84 percent of the 286,943 square feet of built space are elevator buildings, with retail buildings next occupying 8 percent of the space.
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