Raymond Chakkalo pays $7.1M to Abro Management for retail in Fordham Manor

Raymond Chakkalo through the entity 2481 Realty LLC paid $7.1 million to Abro Management through the entity 2481-85 Creston LLC for the retail building (K1) at 2481 Creston Avenue in Fordham Manor, Bronx. The expected use is cash flowing.
The deal closed on January 7, 2025 and was recorded on January 15, 2025. The property has 14,662 square feet of built space and 15,931 square feet of additional air rights for a total buildable of 30,616 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $482 and the price per buildable square foot is $231 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 seller bought the property on December 15, 2014, for $8.8 million. The signatory for Abro Management was Richard Scharf. The signatory for Raymond Chakkalo was Raymond C. Chakkalo. The contract date was September 30, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Raymond Chakkalo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Abro Management had not purchased any other properties and sold five properties in five transactions for a total of $51.7 million over the same time period.

The property

The retail building in Fordham Manor has 14,662 square feet of built space and 15,931 square feet of additional air rights for a total buildable of 30,616 square feet according to a PincusCo analysis of city data. The parcel has frontage of 82 feet and is 128 feet deep with a total lot size of 8,900 square feet. The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $3.4 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 $2,125 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 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 $80.9 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 341,567 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 11 commercial properties representing 114,606 square feet of the 239,244 square feet. The largest owner is Shaban Mehaj, followed by Uzi Shvut and then City Skyline Realty.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 239,244 square feet of built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Abro Management owned at least 46 commercial properties with 2,604 residential units in New York City with 2,548,991 square feet and a city-determined market value of $323.6 million. (Market value is typically about 50% of actual value.) The portfolio has $165.7 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Northfield Bank respectively. Within the portfolio, the bulk, or 94 percent of the 2,548,991 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Raymond Chakkalo owned at least one commercial property in New York City with 25,000 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from Starwood Capital Group. The portfolio consists of at least a single retail property. It is located in Manhattan.

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