Rodolfo Fuertes pays $5M for possible dev site in Allerton

Rodolfo Fuertes through the entity 2803 Boston Road, LLC paid $5 million to Thomas J. Cannistraci through the entity TJC Operations, Inc. for the industrial building (G2) at 2803 Boston Road in Allerton, Bronx.
The deal closed on April 25, 2023 and was recorded on April 28, 2023. The property has 6,542 square feet of built space and 12,175 square feet of additional air rights for a total buildable of 18,732 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $764 and the price per buildable square foot is $266 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 Thomas J. Cannistraci was Thomas J. Cannistraci.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rodolfo Fuertes had purchased any other properties and sold three properties in two transactions for a total of $6.4 million over the past 24 months.
The seller Thomas J. Cannistraci had not purchased any other properties and had not sold any properties over the same time period. The 6,542-square-foot property generated revenue of $151,593 or $23 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Allerton has 6,542 square feet of built space and 12,175 square feet of additional air rights for a total buildable of 18,732 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 62 feet deep with a total lot size of 18,732 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $836,000.

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 not received any significant violations 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 Allerton, The majority, or 60 percent of the 12.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Allerton has the 30th highest sale turnover among other neighborhoods in Bronx with $38.4 million in sales volume in the last two years. For development, Allerton has had very little major development activity relative to other neighborhoods.It had 490,489 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 38,877 square feet of built space are retail buildings, with walkup buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Rodolfo Fuertes owned at least two commercial properties in New York City with 26,978 square feet. The portfolio has $6.4 million in debt, borrowed from People’s United Bank. Within the portfolio, the bulk, or 100 percent of the 26,978 square feet of built space are mixed-use properties, with development properties next occupying 0 percent of the space. They are all located in Queens.

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