Rajive Maret pays $5.2M for industrial in Mt Eden

Rajive Maret through the entity Cromwell Inwood LLC paid $5.2 million to Gerrie Schwartz through the entity 1419 Inwood Avenue, Corp. for the industrial building (E9) at 1419 Inwood Avenue in Mt Eden, Bronx.
The deal closed on November 27, 2023 and was recorded on November 30, 2023. The property has 27,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $192 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 Gerrie Schwartz was Gerrie Schwartz. The signatory for Rajive Maret was Rajive Maret. The contract date was August 3, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Rajive Maret purchased one property in one transaction for a total of $4.5 million and has no record it sold any properties over the past 24 months.
The seller Gerrie Schwartz had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Mt Eden has 27,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 92 feet deep with a total lot size of 13,499 square feet. The lot is irregular. The zoning is C8-3 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.2 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 $50 in OATH penalties 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 Mt Eden, The majority, or 51 percent of the 10.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Mt Eden has had very little sales volume relative to other neighborhoods with $98.8 million in sales volume in the last two years. For development, Mt Eden has had very little major development activity relative to other neighborhoods.It had 761,946 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 18 commercial properties representing 99,770 square feet of the 457,235 square feet. The largest owner is Rajive Maret, followed by Family Life Academy Charter Schools and then Atlantic Development Group.
On the tax block, there were two new building construction projects totaling 131,141 square feet. The largest is a 67,916 square-foot educational (E) building submitted by Highmark School Development and filed by Tamela Sweeris with plans filed December 18, 2020 and permitted July 21, 2021. The second largest is a 63,225 square-foot educational (E) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed February 11, 2021 and permitted August 18, 2021.

The majority, or 53 percent of the 457,235 square feet of built space are industrial buildings, with walkup buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Rajive Maret owned at least three commercial properties with five residential units in New York City with 29,742 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 85 percent of the 29,742 square feet of built space are industrial properties, with mixed-use properties next occupying 15 percent of the space. They are all located in Bronx.

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