Oswald Rodriguez through the entity 1339 Jerome Avenue, LLC paid $9 million to Dragos Adrian Firescu through the entity Jerome Jsd Holdings LLC for the industrial building (E9) at 1339 Jerome Avenue in Mt Eden, Bronx.
The deal closed on July 25, 2023 and was recorded on August 10, 2023. The property has 18,100 square feet of built space and 57,006 square feet of additional air rights for a total buildable of 75,093 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $497 and the price per buildable square foot is $119 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 6, 2015, for $9 million. The signatory for Dragos Adrian Firescu was Leonard Falcone. The signatory for Oswald Rodriguez was Oswald Rodriguez. The contract date was December 23, 2022.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Oswald Rodriguez had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dragos Adrian Firescu had not purchased any other properties and sold three properties in two transactions for a total of $33.2 million over the same time period.
The industrial building in Mt Eden has 18,100 square feet of built space and 57,006 square feet of additional air rights for a total buildable of 75,093 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 252 feet deep with a total lot size of 12,474 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1 million. The most recent loan totaled $18.3 million and was provided by Investors Bank on August 24, 2020.
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 $180 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.
In Mt Eden, The majority, or 51 percent of the 10.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Mt Eden has the 21st highest sale turnover among other neighborhoods in Bronx with $70.9 million in sales volume in the last two years. For development, Mt Eden has had very little major development activity relative to other neighborhoods.It had 823,870 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 296,940 square feet of the 357,940 square feet. The largest owner is Sam Rubin, followed by Joseph Riegler and then Dragos A. Firescu.
On the tax block, there was one new building construction project filed totaling 89,176 square feet. It is a 131-unit, 89,176 square-foot residential (R-2) building submitted by Riegler Group and filed by Joseph Riegler with plans filed May 4, 2022 and it has not been permitted yet.
The majority, or 56 percent of the 357,940 square feet of built space are elevator buildings, with industrial buildings next occupying 27 percent of the space.
Direct link to Acris document. link