Ryan Zar pays $2.1M for 16-unit walkup in Mott Haven, owns adjacent

Ryan Zar of R.E. Property Group through the entity Point 389 Holdings LLC paid $2.1 million to Sholom Jacobs and Marc Preston through the entity 389, LLC for the 16-unit residential walkup building (C7) at 389 East 138th Street in Mott Haven, Bronx. The expected use is cash flowing.
Ryan Zar and Joel J. Gorjian bought the adjacent corner parcel 237 Willis Avenue for $3.86 million on November 24, 2021.
The deal closed on April 9, 2025 and was recorded on April 15, 2025. The property has 13,083 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $158 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 Sholom Jacobs and Marc Preston was Sholom Jacobs and Marc Preston. The signatory for Ryan Zar was Ryan Zar. The contract date was February 5, 2025.

Recent activity for Ryan Zar as signatory:

• Simon Moskowitz sold 517 Courtlandt Avenue, Mott Haven, Bronx for $2.2 million to R.E. Property Group on July 10, 2024.

• John Hayes sold 355 East 116th Street, East Harlem, Manhattan for $2.7 million to R.E. Property Group on November 27, 2023.

• Guiseppina Ciello sold 2325 Cambreleng Avenue, Belmont/Little Italy, Bronx for $1 million to Ryan Zar on March 21, 2023.

• Vincent Gojcaj sold 536 Kappock Street, Spuyten Duyvil, Bronx for $3.3 million to Ryan Zar on October 24, 2022.

• Mark Mehlman and Abraham Pultman sold 144 Bruckner Boulevard, Mott Haven, Bronx for $2.7 million to Ryan Zar, R.E. Property Group, Ramin Gorjian, Joel Gorjian and Ivan Hakimian on June 09, 2022.

• Mark Mehlman and Abraham Pultman sold 148 Bruckner Boulevard, Mott Haven, Bronx for $2.7 million to Ryan Zar, R.E. Property Group, Ramin Gorjian, Joel Gorjian and Ivan Hakimian on June 09, 2022.

• Steven Satz sold 237 Willis Avenue, Mott Haven, Bronx for $3.9 million to R.E. Property Group on January 18, 2022.

Prior sales and revenue

The seller Sholom Jacobs had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Chaim Glick, head officer and Sholom Jacobs, officer. The business entity is 389 Llc. The 13,083-square-foot property generated revenue of $247,514 or $19 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Mott Haven has 13,083 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,617 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million. The property has 8 rent regulated units according to city tax records from 2023.

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 four housing violations and $575 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 block

On this tax block, PincusCo has identified the owners of 16 of the 38 commercial properties representing 225,045 square feet of the 370,644 square feet. The largest owner is Abj Properties, followed by Son Dinh Tran and then Steve Zervoudis.
On the tax block, there were three new building construction projects totaling 67,423 square feet. The largest is a 59,901 square-foot educational (E) building submitted by Academic Leadership Charter School and filed by Norma Hurwitz with plans filed October 25, 2017 and permitted April 7, 2021. The second largest is a nine-unit, 7,462 square-foot residential (R-2) building submitted by Melani Perez and filed by Melani Perez with plans filed November 2, 2023 and it has not been permitted yet.

The majority, or 74 percent of the 370,644 square feet of built space are walkup buildings, with specialty buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Ryan Zar owned at least six commercial properties with 76 residential units in New York City with 63,331 square feet and a city-determined market value of $9.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 81 percent of the 63,331 square feet of built space are walkup properties, with elevator properties next occupying 19 percent of the space. They are all located in Bronx.

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