Nonprofit WellLife Network plans 136-unit project in Olinville

Karen Gorman, vice president of property management at the nonprofit WellLife Network, submitted a new building construction project for a 136-unit, 96,472 square-foot residential (R-2) building at 3663 White Plains Road in Olinville, Bronx.
The plan was filed with the New York City Department of Buildings on December 7, 2023 under job number X00902721. It calls for the construction of an eight-story building. The project is described in the filing as: propose new eight-story building as nonprofit institution with sleeping accommodations (use group 3) as per plan and obtain a new certificate of occupancy.

The architect is Urban Architectural Initiatives.

The WellLife Network through the entity White Plains Road Housing Development Fund paid $7.5 million to the Church of Saint Mary of Olinville for the development site at 3642 Willett Avenue in Olinville, Bronx.
The deal closed on October 18, 2022 and was recorded on October 28, 2022. The three properties have 8,480 square feet of built space and 44,757 square feet of additional air rights for a total buildable of 53,345 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $884 and the price per buildable square foot is $140 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.)

WellLife borrowed $16 million in 2020 for a development in Glendale, Queens.

The property

The property in Olinville has 1,545 square feet of built space and 20,553 square feet of additional air rights for a total buildable of 22,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 76 feet deep with a total lot size of 5,525 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $616,000. The most recent loan totaled $9.8 million and was provided by Enterprise Community Partners on October 18, 2022.

The neighborhood

In Olinville, The majority, or 55 percent of the 2.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Olinville has near average sales volume among other neighborhoods with $27.6 million in sales volume in the last two years and is the 33rd highest in Bronx. For development, Olinville has near average amount of major developments among other neighborhoods and is the 32nd highest in Bronx. It had 215,623 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 91,019 square feet of the 102,305 square feet. The two identified owners are Stagg Group and WellLife Network. On the tax block, there was one new building construction project filed totaling 96,472 square feet. It is a 136-unit, 96,472 square-foot residential (R-2) building submitted by WellLife Network and filed by Karen Gorman with plans filed December 7, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that WellLife Network owned at least four commercial properties in New York City with 8,480 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 8,480 square feet of built space are M1 properties, with M9 properties next occupying 18 percent of the space. They are all located in Bronx.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 3663 White Plains Road in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.