Safdie Realty Group pays $2.6M for residential walkup in Concourse Village

Safdie Realty Group through the entity 1077 Teller LLC paid $2.6 million to David Freier through the entity Shutfis 1 LLC for eight-unit residential walkup building (C1) at 1077 Teller Avenue in Concourse Village, Bronx.
The deal closed on January 13, 2023 and was recorded on January 23, 2023. The property has 7,360 square feet of built space and 4,046 square feet of additional air rights for a total buildable of 11,410 square feet according to PincusCo analysis of city data. The sale price per built square foot is $353 and the price per buildable square foot is $227 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 March 28, 2018, for $1.8 million. The signatory for David Freier was David Freier. The signatory for Safdie Realty Group was Joseph E. Safdie.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Safdie Realty Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Freier 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 Joseph Freier, head officer and Pinny Jager, agent. The business entity is Shutfis 1 Llc.

The property

The 1077 Teller Avenue parcel has frontage of 33 feet and is 100 feet deep with a total lot size of 3,317 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $844,000.

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 received 23 housing violations and $2,080 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 12 of the 23 commercial properties representing 331,967 square feet of the 429,146 square feet. The largest owner is Stagg Group, followed by New York City Housing Authority and then Luis Garcia.
On the tax block, there were two new building construction projects totaling 51,148 square feet. The largest is a 72-unit, 47,997-square-foot R-2 building developed by Jay Martino with plans filed May 26, 2020 and permitted April 9, 2021. The second largest is a three-unit, 3,151-square-foot R-2 building developed by Ben Shavolian with plans filed June 23, 2014 and it has not been permitted yet.

The majority, or 63 percent of the 429,146 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

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