Ruben Luna pays $7M for retail in Concourse Village
Ruben Luna through the entity Anam Properties LLC paid $7 million to Evelyn Falick through the entity East 174th Street, Inc. for the retail building (K1) at 200-210 East 167th Street in Concourse Village, Bronx.
The deal closed on May 19, 2023 and was recorded on May 25, 2023. The property has 12,900 square feet of built space and 33,774 square feet of additional air rights for a total buildable of 46,660 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $542 and the price per buildable square foot is $150 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 Evelyn Falick was Evelyn Falick. The signatory for Ruben Luna was Ruben Luna.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Ruben Luna had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Evelyn Falick had not purchased any other properties and sold one property in one transaction for a total of $3.9 million over the same time period. The 12,900-square-foot property generated revenue of $485,308 or $38 per square foot, according to the most recent income and expense figures.
The property
The retail building in Concourse Village has 12,900 square feet of built space and 33,774 square feet of additional air rights for a total buildable of 46,660 square feet according to a PincusCo analysis of city data. The parcel has frontage of 95 feet and is 107 feet deep with a total lot size of 13,564 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.3 million.
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 received one DOB violation, $1,250 in ECB penalties, and $5,700 in OATH penalties 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 Concourse Village, The bulk, or 39 percent of the 17.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Concourse Village has had very little sales volume relative to other neighborhoods with $175.8 million in sales volume in the last two years. For development, Concourse Village has had very little major development activity relative to other neighborhoods.It had 456,895 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. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of 19 of the 38 commercial properties representing 1,103,841 square feet of the 1,760,955 square feet. The largest owner is Yechiel Weinberger, followed by Shimon Greisman and then Settlement Housing Fund.
On the tax block, there were three new building construction projects totaling 315,937 square feet. The largest is a 258,157 square-foot assembly (A-3) building submitted by Amara Kenneh and filed by Amara Kenneh with plans filed August 18, 2021 and it has not been permitted yet. The second largest is a two-unit, 33,274 square-foot assembly (A-3) building submitted by Amara Kenneh with plans filed August 16, 2022 and it has not been permitted yet.
The majority, or 48 percent of the 1.8 million square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.
The buyer
The PincusCo database currently indicates that Ruben Luna owned at least one commercial property in New York City with 9,500 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Bronx.
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