Platinum Realty Associates pays $2.1M to Michael Weiss for retail building in Allerton

Platinum Realty Associates through the entity 819 Kop LLC paid $2.1 million to Michael Weiss through the entity 1308 East Gun Hill Road, LLC for retail building at 1308 East Gun Hill Road in Allerton, Bronx.
The deal closed on February 10, 2022 and was recorded on March 1, 2022.
The property has 5,280 square feet of built space and 20,557 square feet of additional air rights for a total buildable of 25,858 square feet according to PincusCo analysis of city data. The sale price per built square foot is $395 and the price per buildable square foot is $80 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 Michael Weiss was Michael Weiss. The signatory for Platinum Realty Associates was David Koptiev.
Prior to this transaction, the buyer Platinum Realty Associates purchased four properties in three transactions for a total of $14.9 million and sold two properties in two transactions for a total of $6.1 million over the past 24 months.
The seller Michael Weiss had not purchased any other properties and had not sold any properties over the same time period.
The 5,280-square-foot property generated revenue of $181,668 or $34 per square foot, according to the most recent income and expense figures.

David Koptiev is CEO at Platinum Realty Associates.
In Allerton, the bulk, or 44 percent of the 19.3 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 30 percent of the space. In sales, Allerton has the 25th highest sale turnover among other neighborhoods in Bronx with $35.8 million in sales volume in the last two years. For development, Allerton has had very little major development activity relative to other neighborhoods. It had 609,400 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 75 percent of the 90,664 square feet of built space are 1-4 family buildings, with retail buildings next occupying 14 percent of the space.
Within a 400-foot radius of 1308 East Gun Hill Road, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 12, 2021 for the $350,000 renovation of 6,274-square-foot A-3 building with no residential units at 3033 Young Avenue.
One of those two items was a loan which Christopher M. Santomero borrowed $9.1 million from Mahopac Bank secured by the 4,366-square-foot, one-unit development site (M1) on 1309 East Gun Hill Road and seven other properties on January 25, 2021.

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