Phipps Houses pays $5.3M for Melrose parcel near other projects

Phipps Houses through the entity 933-939 Courtlandt LLC paid Harry and Jane Fischel Foundation $5.3 million for 375 East 163rd Street in Melrose portion of the Bronx. The deal closed on July 20, 2020, and was recorded on August 3, 2020. The transaction consists of 1 parcel, including the tax class light manufacturing building (F5). The property is 34,808 square feet. The parcel(s) have total development potential of 34,808 square feet.
The average sale price per square foot is $151.

The contract date was January 28, 2020. Phipps owns a development nearby at 927-929 Cortlandt Avenue, and in April paid $3.5 million for 933-939 Cortlandt Avenue. The Fischel foundation bought the building in July 1991 for $720,000, according to an analysis of city records.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $150,820.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link