Samuel Jacobowitz inks $9M transfer of two Bronx rentals to Freddie Mac affiliate
Property operator Samuel Jacobowitz transferred two Bronx rental buildings with a total of 54 units with a total transfer valuation of $9 million to holders of securitized certificates that Freddie Mac originated in 2017.
In the larger, the Freddie Mac affiliate FRESB 2017-SB30 through the entity Fresb 2017-Sb35 1117 Westchester Ave LLC paid $5.2 million to Samuel Jacobowitz through the entity 1117 Westchester Realty LLC for the 32-unit residential walkup building (C1) at 1117 Westchester Avenue in Longwood, Bronx. The 2017 debt was $4.8 million.
The deal closed on April 17, 2024 and was recorded on April 19, 2024. The property has 31,519 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $165 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 December 16, 2013, for $3.1 million. The signatory for Samuel Jacobowitz was Samuel Jacobowitz. The signatory for FRESB 2017-SB30 was Edward Barrett. The contract date was April 17, 2024.
In the second transaction, FRESB 2017-SB30 through the entity Fresb 2017-Sb30 12-16 East 177th Street LLC paid $3.8 million to Samuel Jacobowitz through the entity 12-16 East 177 Realty LLC for the 22-unit residential walkup building (C1) at 12-16 E 177th in Mt Hope, Bronx. The 2017 debt was $3.6 million.
The deal closed on April 17, 2024 and was recorded on April 19, 2024. The property has 21,950 square feet of built space and 90,937 square feet of additional air rights for a total buildable of 112,875 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $173 and the price per buildable square foot is $33 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 December 16, 2013, for $2 million. The signatory for Samuel Jacobowitz was Samuel Jacobowitz. The signatory for FRESB 2017-SB30 was Edward Barrett. The contract date was April 17, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer FRESB 2017-SB30 had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Samuel Jacobowitz 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 Samual Jacobowitz, head officer and Joe Redek, agent. The business entities are Williamsburg Property Management and 1117 Westchester Reality Llc.
The property
The residential walkup building with 32 residential units in Longwood has 31,519 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 96 feet deep with a total lot size of 8,684 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1994 and expires in 2028. The city-designated market value for the property in 2022 is $837,000.
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 one DOB violation, 27 housing violations, and $480 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 five of the 11 commercial properties representing 152,578 square feet of the 342,506 square feet. The largest owner is Samual Jacobowitz, followed by New York City Housing Authority and then Banana Kelly Community Improvement Association.
There are no active new building construction projects on this tax block.
The majority, or 74 percent of the 342,506 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.
The seller
The PincusCo database currently indicates that Samuel Jacobowitz owned at least one commercial property with 22 residential units in New York City with 21,950 square feet and a city-determined market value of $862,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.
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