Paul Gagliardi pays $13.8M to Trans World Equities affiliate for retail building in Fordham Manor

Paul Gagliardi through the entity 2535 Webster 3769 LLC paid $13.8 million to Trans World Equities through the entity Quad Stars, LLC for the retail building at 2535 Webster Avenue in Fordham Manor, Bronx.
The deal closed on December 16, 2021 and was recorded on January 7, 2022.
The property has 10,492 square feet of built space and 6,000 square feet of additional air rights for a total buildable of 16,512 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,315 and the price per buildable square foot is $835 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 10,492-square-foot property generated revenue of $1.3 million or $123 per square foot, according to the most recent income and expense figures.
The seller bought the property on September 24, 2019, for $8 million.
The signatory for Trans World Equities was Jason Fishkind. The signatory for Paul Gagliardi was Paul Gagliardi.
Prior to this transaction, the buyer Paul Gagliardi had purchased one property for $8 million and sold two properties for $23.6 million over the past 24 months.
The seller Trans World Equities was affiliated by address and signatory with the company that acquired from 725 Eighth Avenue from Thor Equities. However, a source familiar with that transaction said Trans World was not involved.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $260,227.

In Fordham Manor, the majority, or 32 percent of the 22 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Fordham Manor has had very little sales volume relative to neighborhoods in the city with $144 million in sales volume in the last two years. For development, Fordham Manor has near average amount of major developments in the city and is the 9th highest in Bronx. It had 849,436 square feet of commercial construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 50 percent of the 328,852 square feet of built space are residential walkup buildings, with retail buildings next occupying 18 percent of the space.
Within a 400-foot radius of 2535 Webster Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were sales above $5 million totaling $25.6 million. The most recent of the two was a buyer with the signatory Yoel Zagelbaum which bought the 17,136-square-foot, 14-unit rental (D1) on 360 East 193rd Street for $18.7 million from Steven Berger on September 8, 2021.

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