RW Real Estate pays $3M for retail in Westchester Square

RW Real Estate Group through the entity 2601 E. Tremont LLC paid $3 million to Jason Yong Min Choe through the entity Bys Properties LLC for the retail building (K1) at 2601 East Tremont Avenue in Westchester Square, Bronx. The expected use is cash flowing.
The deal closed on November 19, 2024 and was recorded on December 9, 2024. The property has 5,177 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $579 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 2, 2005, for $1.1 million. The signatory for Jason Yong Min Choe was Jason Yong Min Choe. The signatory for RW Real Estate Group was Jeffrey Platte. The contract date was November 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer RW Real Estate Group purchased three properties in three transactions for a total of $7.3 million and sold three properties in two transactions for a total of $8.9 million over the past 24 months.
The seller Jason Yong Min Choe had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Westchester Square has 5,177 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 164 feet and is 163 feet deep with a total lot size of 11,290 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $1.1 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 two DOB violations and $100 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 Westchester Square, The bulk, or 30 percent of the 5.3 million square feet of commercial built space are walkup buildings, with office buildings next occupying 18 percent of the space. In sales, Westchester Square has the 26th highest sale turnover among other neighborhoods in Bronx with $38.2 million in sales volume in the last two years. For development, Westchester Square has had very little major development activity relative to other neighborhoods.It had 253,541 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 82,572 square feet of the 122,186 square feet. The largest owner is Goldberg Family (5600a), followed by Wharton Properties and then Mohamed N. Hamza.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 122,186 square feet of built space are walkup buildings, with retail buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Rw Real Estate Group owned at least four commercial properties with 60 residential units in New York City with 21,987 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 21,987 square feet of built space are retail properties, with development properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Bronx, with Brooklyn next at 36 percent of the space.

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