Rivky Brach pays $7M to Joel Wertzberger for commercial property in Riverdale

Rivky Brach through the entity 3547 Webster Ave LLC paid Joel Werzberger’s Webster Residents LLC $7 million for 3547 Webster Avenue in Riverdale. The deal closed on November 14, 2019, and was recorded on November 25, 2019. The transaction consists of 1 parcel, including the tax class dispensary (I3). The property is 30,000 square feet. The parcel has total development potential of 51,600 square feet.
The average sale price per square foot is $136.
The estimated cap rate is 5.8%
The last time the property sold was November 9, 2016, for $4,300,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000,000. Those filings sought to increase the number of residential units by 82 to 82
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link