Prana Investments pays $7.3M for rental in Morrisania

Prana Investments through the entity 655 E. 228th St. LLC paid $7.3 million to Robert Miller and Daniel Lars Satterwhite through the entity East 228th Street Realty Company, LLC for the 50-unit rental (D1) at 655 East 228th Street in Morrisania, the Bronx.
The deal closed on August 5, 2021 and was recorded on August 18, 2021.
The property has 47,412 square feet of built space and 0 square feet of additional air rights for a total buildable of 12,597 square feet according to PincusCo analysis of city data. The sale price per built square foot is $153 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 Robert Miller and Daniel Lars Satterwhite was Robert L. Miller and Daniel Lars Satterwhite. The signatory for Prana Investments was Richard Herman.

The former owners according to the Department of Housing Preservation and Development included Robert Miller, head officer and Ben Preston-Fridman, officer. The business entity was E. 228 St. Realty Co. Llc.

Within a 400-foot radius of 655 East 228th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on November 9, 2020 for the $595,000 renovation of 2,805-square-foot R-3 building with two residential units at 640 E 228th Street.
Of those three items, two were loans above $5 million totaling $10.6 million. The most recent of the two was Anthony S. Gazivoda which borrowed $5.3 million from Peapack-Gladstone Bank secured by the 47,352-square-foot, 49-unit rental (D1) on 635 East 228th Street on August 16, 2021.

Direct link to Acris document. link