RW Real Estate Group pays $1.9M for retail in Fordham Heights
RW Real Estate Group through the entity 2260 Morris LLC paid $1.9 million to Anthony S. Fontana through the entity 2260 Morris Ave. Realty Corp. for the retail building (K1) at 2260 Morris Avenue in Fordham Heights, Bronx.
The deal closed on March 11, 2024 and was recorded on March 25, 2024. The property has 6,068 square feet of built space and 30,611 square feet of additional air rights for a total buildable of 36,709 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $320 and the price per buildable square foot is $52 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 Anthony S. Fontana was Valerie T. Fontana. The signatory for RW Real Estate Group was Jeffrey Platte. The contract date was July 27, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer RW Real Estate Group purchased two properties in two transactions for a total of $5.4 million and sold one property in one transaction for a total of $5 million over the past 24 months.
The seller Anthony S. Fontana had not purchased any other properties and had not sold any properties over the same time period.
The property
The retail building in Fordham Heights has 6,068 square feet of built space and 30,611 square feet of additional air rights for a total buildable of 36,709 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 122 feet deep with a total lot size of 6,098 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $737,000.
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 received one DOB violation 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 Fordham Heights, The bulk, or 46 percent of the 16.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 35 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $101.1 million in sales volume in the last two years. For development, Fordham Heights has had very little major development activity relative to other neighborhoods.It had 616,768 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. 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 six of the 15 commercial properties representing 160,069 square feet of the 253,335 square feet. The largest owner is Workforce Housing Group, followed by Sudhir Kumar Arora and then Martin Meyer.
On the tax block, there was one new building construction project filed totaling 7,667 square feet. It is a 20-unit, 7,667 square-foot residential (R-2) building submitted by Moses Ostreicher and filed by Moses Ostreicher with plans filed November 17, 2022 and permitted September 18, 2023.
The majority, or 63 percent of the 253,335 square feet of built space are walkup buildings, with elevator buildings next occupying 28 percent of the space.
The buyer
The PincusCo database currently indicates that Rw Real Estate Group owned at least three commercial properties in New York City with 15,919 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 50 percent of the 15,919 square feet of built space are development properties, with retail properties next occupying 50 percent of the space. The bulk, or 50 percent of the built space, is in Bronx, with Brooklyn next at 50 percent of the space.
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