Ryan Zar pays $3.3M to Vincent Gojcaj for 10-unit rental in Spuyten Duyvil

Ryan Zar through the entity Point Kappock Holdings LLC paid $3.3 million to Vincent Gojcaj through the entity Bct-832 LLC for the 10-unit residential elevator building (D1) at 536 Kappock Street in Spuyten Duyvil, Bronx.
The deal closed on October 14, 2022 and was recorded on October 24, 2022. The property has 12,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $275 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 November 15, 2021, for $3.2 million. The signatory for Vincent Gojcaj was Vincent Gojcaj. The signatory for Ryan Zar was Ryan Zar.

Prior sales and revenue

The seller Vincent Gojcaj purchased one property in one transaction for a total of $3.2 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Roth, head officer and Robert Rojas, site manager. The business entity is 536 Kappock Llc. The 12,000-square-foot property generated revenue of $282,120 or $24 per square foot, according to the most recent income and expense figures.

The property

The 536 Kappock Street parcel has frontage of 51 feet and is 73 feet deep with a total lot size of 3,379 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2013.0 and expires in 2028.0. The city-designated market value for the property in 2022 is $2.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 12,000 square feet of the 101,528 square feet. The identified owner is Vincent Gojcaj.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 101,528 square feet of built space are elevator buildings, with mixed-use buildings next occupying 14 percent of the space.

The buyer

The PincusCo database currently indicates that Ryan Zar owned at least four commercial properties in New York City with 43,331 square feet and a city-determined market value of $4.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Bronx.

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