Robert Lumaj pays $4.8M for 73-unit dev site in Morrisania

Robert Lumaj through the entity 3273 3rd LLC paid $4.8 million to Yerucham Israel through the entity 3267-3273 3rd Ave Mbsd LLC for the two-unit mixed-use building (K4) at 3269 3rd Avenue in Morrisania, Bronx.

On the lot, there is one active new building construction project for a 73-unit, 52,842 square-foot R-2 building. The project was developed by Joel Fekete with plans filed April 15, 2022 and it has not been permitted yet.
The deal closed on January 18, 2023 and was recorded on February 2, 2023. The property has 4,848 square feet of built space and 25,102 square feet of additional air rights for a total buildable of 29,983 square feet according to PincusCo analysis of city data. The sale price per built square foot is $979 and the price per buildable square foot is $158 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 September 30, 2022, for $2.2 million. The signatory for Yerucham Israel was Yerucham Israel. The signatory for Robert Lumaj was Robert Lumaj.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Robert Lumaj had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yerucham Israel purchased one properties in one transactions for a total of $2.2 million and had not sold any properties over the same time period. The 4,848-square-foot property generated revenue of $122,218 or $25 per square foot, according to the most recent income and expense figures.

The property

The 3269 3rd Avenue parcel has frontage of 51 feet and is 178 feet deep with a total lot size of 8,716 square feet. The lot is irregular. The zoning is M1-1/R7-2 which allows for up to 1 times floor area ratio (FAR) for manufacturing and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $525,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $680 in OATH penalties in the last year.

The neighborhood

In Morrisania, the majority, or 51 percent of the 25.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $164.9 million in sales volume in the last two years. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 778,185 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 188,741 square feet of the 259,013 square feet. The two identified owners are L+M Development Partners and Postgraduate Center for Mental Health.
On the tax block, there was one new building construction project filed totaling 52,842 square feet. It is a 73-unit, 52,842-square-foot R-2 building developed by Joel Fekete with plans filed April 15, 2022 and permitted June 7, 2022.

The majority, or 57 percent of the 163,446 square feet of built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Yerucham Israel owned at least one commercial property in New York City with 4,848 square feet and a city-determined market value of $525,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Bronx.

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