Prime Finance pays $5.7M to Sheindy Grunhut for three walkups in Concourse Village

Prime Finance, an affiliate of Prime Group, through the entity PFSS Findlay Estates, LLC paid $5.7 million to a foreclosed on Sheindy Grunhut entity for the nine-unit residential walkup building (C1) at c in Concourse Village, Bronx, nine-unit residential walkup building (C1) at 1060 Findlay Avenue in Concourse Village, Bronx, and nine-unit residential walkup building (C1) at 1064 Findlay Avenue in Concourse Village, Bronx.
The deal closed on June 28, 2022 and was recorded on August 12, 2022. The three properties have 27,168 square feet of built space and 9,936 square feet of additional air rights for a total buildable of 37,152 square feet according to PincusCo analysis of city data. The sale price per built square foot is $209 and the price per buildable 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 the foreclosed on Sheindy Grunhut entity was Mark L. McKew. Sheindy Grunhut was the former owner who lost the property in a foreclosure carried out in federal court. The federal filing was under the index 20-cv-8884.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1056 Findlay Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Prime Finance had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sheindy Grunhut had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1056 Findlay Avenue parcel has frontage of 36 feet and is 100 feet deep with a total lot size of 3,600 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $960,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 136 housing violations, $2,055 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 1056 Findlay Avenue, PincusCo has identified the owners of 12 of the 23 commercial properties representing 273,062 square feet of the 370,241 square feet. The largest owner is Arker Companies, followed by New York City Housing Authority and then Benet Shllaku.
There are two active new building construction projects totaling 51,148 square feet. The largest is a 72-unit, 47,997-square-foot R-2 building developed by Jay Martino with plans filed May 26, 2020 and permitted April 9, 2021. The second largest is a three-unit, 3,151-square-foot R-2 building developed by Ben Shavolian with plans filed June 23, 2014 and it has not been permitted yet.

the majority, or 58 percent of the 370,241 square feet of built space are elevator buildings, with walkup buildings next occupying 41 percent of the space.

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