Postal Realty Trust pays $3.5M for post office in Fordham Manor

Postal Realty Trust, a real estate investment trust focused on assets leased to the United States Postal Service,  through the entity Eastern Postal Realty Holdings, LLC paid $3.5 million to Castagna Realty through the entity Riedda Realty Co. for the specialty building (Z3) at 2553 Jerome Avenue in Fordham Manor, Bronx.
The deal closed on March 15, 2024 and was recorded on March 20, 2024. The property has 13,000 square feet of built space and 27,426 square feet of additional air rights for a total buildable of 40,391 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $265 and the price per buildable square foot is $85 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 Castagna Realty was Robert Ronzoni. The contract date was January 10, 2024. Robert Ronzoni is COO at Castagna Realty  Andrew Spodek is CEO of Postal Realty Trust

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Postal Realty Trust had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Castagna Realty had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Fordham Manor has 13,000 square feet of built space and 27,426 square feet of additional air rights for a total buildable of 40,391 square feet according to a PincusCo analysis of city data. The parcel has frontage of 104 feet and is 111 feet deep with a total lot size of 16,622 square feet. The lot is irregular. 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 $1.6 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 one DOB violation 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 $75.6 million in sales volume in the last two years. For development, Fordham Manor has had very little major development activity relative to other neighborhoods.It had 556,244 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.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 98,060 square feet of the 200,634 square feet. The two identified owners are Estat Gashi and Bernard A. Shafran.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 200,634 square feet of built space are specialty buildings, with elevator buildings next occupying 46 percent of the space.

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