RW Real Estate Group pays $3.2M for mixed-use building in Mott Haven

RW Real Estate Group through the entity 2805 3rd LLC paid $3.2 million to James B. Ross through the entity Courtlandt Plaza Associates LLC for mixed-use building at 2805 3rd Avenue in Mott Haven, Bronx.
The deal closed on October 29, 2021 and was recorded on March 3, 2022.
The property has 4,716 square feet of built space and 7,383 square feet of additional air rights for a total buildable of 12,123 square feet according to PincusCo analysis of city data. The sale price per built square foot is $678 and the price per buildable square foot is $263 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 James B. Ross was James B. Ross. The signatory for RW Real Estate Group was Jeffrey Platte.
Prior to this transaction, the buyer RW Real Estate Group had not purchased any other properties and sold two properties in two transactions for a total of $16.7 million over the past 24 months.
The 4,716-square-foot property generated revenue of $239,626 or $51 per square foot, according to the most recent income and expense figures.

RW Real Estate Group is located at the same address as buyer LLC.
In Mott Haven, the bulk, or 38 percent of the 43.4 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2.7 times the average sales volume among other neighborhoods with $744 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 7th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
On the tax block, the majority, or 69 percent of the 417,142 square feet of built space are office buildings, with retail buildings next occupying 18 percent of the space.
Within a 400-foot radius of 2805 3rd Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on January 10, 2022 for a 88,914-square-foot R-2 building with 101 residential units at 472 Willis Avenue.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on September 28, 2020 for the $2.7 million renovation of 33,238-square-foot B building with N/A residential units at 524 Courtlandt Avenue.
Of those seven items, five were loans above $5 million totaling $148.2 million. The most recent of the five was Lemle & Wolff Companies which borrowed $44.5 million from Bank of New York Mellon secured by the 63,784-square-foot development site (V1) on WILLIS Avenue and one other property on October 19, 2021.

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