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

Share this article