Rajive Maret pays $2.7M to Steve Zervoudis for 38-unit dev site in Kingsbridge Heights
Rajive Maret through the entity 2769 Creston Ave, LLC paid $2.7 million to Steve Zervoudis through the entity 2758 Kt LLC for the two-unit 1-4 family building (B2) at 2758 Kingsbridge Terrace in Kingsbridge Heights, Bronx and an adjacent parcel (V0) at on Kingsbridge Terrace in Kingsbridge Heights, Bronx.
On these lots, there is one active new building construction project for a 38-unit, 30,783 square-foot R-2 building. The project was submitted by Galaxy General Contracting and filed by Steve Zervoudis with plans filed December 3, 2023 and it has not been permitted yet.
The deal closed on April 29, 2024 and was recorded on May 6, 2024. The two properties have 2,256 square feet of built space and 29,336 square feet of additional air rights for a total buildable of 31,609 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,196 and the price per buildable square foot is $85 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 Steve Zervoudis was Steve Zervoudis. The signatory for Rajive Maret was Rajive Maret. The contract date was February 12, 2024.
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 2758 Kingsbridge Terrace.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Rajive Maret had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Steve Zervoudis purchased two properties in two transactions for a total of $5.5 million and sold five properties in four transactions for a total of $7.7 million over the same time period.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $19,880 in OATH penalties in the last year.
The block
On the tax block of 2758 Kingsbridge Terrace, PincusCo has identified the owners of 12 of the 27 commercial properties representing 944,238 square feet of the 1,213,554 square feet. The largest owner is Ved Parkash, followed by Shapour “Paul” Sohayegh and then Robert Bauer.
On the tax block, there were four new building construction projects totaling 66,286 square feet. The largest is a 38-unit, 30,783 square-foot residential (R-2) building submitted by Galaxy General Contracting and filed by Steve Zervoudis with plans filed December 3, 2023 and it has not been permitted yet. The second largest is a 30-unit, 14,834 square-foot residential (R-2) building submitted by Moshe Zlicha with plans filed August 6, 2019 and permitted August 13, 2020.
The majority, or 49 percent of the 1.2 million square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.
The seller
The PincusCo database currently indicates that Steve Zervoudis owned at least 18 commercial properties with 444 residential units in New York City with 415,891 square feet and a city-determined market value of $34.4 million. (Market value is typically about 50% of actual value.) The portfolio has $7.7 million in debt, borrowed from Orange Bank & Trust Company. Within the portfolio, the bulk, or 64 percent of the 415,891 square feet of built space are elevator properties, with walkup properties next occupying 36 percent of the space. The bulk, or 86 percent of the built space, is in Bronx, with Manhattan next at 14 percent of the space.
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