Park-It Management pays $7.2M for industrial in Fordham Manor
Gary Spindler’s Park-It Management through the entity 2621 Parking Garage LLC paid $7.2 million to Peter Burack through the entity Aqueduct Holdings LLC for the industrial building (G1) at 2621 Aqueduct Avenue West in Fordham Manor, Bronx.
The deal closed on June 6, 2023 and was recorded on June 20, 2023. The property has 16,383 square feet of built space and 23,427 square feet of additional air rights for a total buildable of 39,810 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $438 and the price per buildable square foot is $180 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 Peter Burack was Peter Burack. The signatory for Park-It Management was David Levitan.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Park-It Management purchased three properties in three transactions for a total of $19.2 million and has no record it sold any properties over the past 24 months.
The seller Peter Burack had not purchased any other properties and had not sold any properties over the same time period. The 16,383-square-foot property generated revenue of $454,753 or $28 per square foot, according to the most recent income and expense figures.
The property
The industrial building in Fordham Manor has 16,383 square feet of built space and 23,427 square feet of additional air rights for a total buildable of 39,810 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 109 feet deep with a total lot size of 16,383 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 $4.5 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 three DOB violations, $625 in ECB penalties, and $625 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 neighborhood
In Fordham Manor, The bulk, or 35 percent of the 18.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $125.9 million in sales volume in the last two years. For development, Fordham Manor has near average amount of major developments among other neighborhoods and is the 5th highest in Bronx. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing 54,432 square feet of the 326,225 square feet. The identified owner is Denali Managament.
On the tax block, there was one new building construction project filed totaling 20,716 square feet. It is a 34-unit, 20,716 square-foot residential (R-2) building submitted by Franc Gjini and filed by Franc Gjini with plans filed May 23, 2022 and permitted January 5, 2023.
The majority, or 54 percent of the 326,225 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.
The buyer
The PincusCo database currently indicates that Park-It Management owned at least seven commercial properties with 25 residential units in New York City with 380,797 square feet and a city-determined market value of $81.4 million. (Market value is typically about 50% of actual value.) The portfolio has $123.8 million in debt, with top three lenders as First Republic Bank, JPMorgan Chase, and TriState Capital Bank respectively. Within the portfolio, the bulk, or 71 percent of the 380,797 square feet of built space are industrial properties, with specialty properties next occupying 23 percent of the space. The bulk, or 92 percent of the built space, is in Manhattan, with Bronx next at 5 percent of the space.
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