Sanjaya Mallick pays $2.1M for residential walkup in Fordham Heights
Sanjaya Mallick through the entity 2343 Valentine LLC paid $2.1 million to Victor Luciano through the entity 2343 Valentine Real Estate Inc for the 31-unit residential walkup building (C1) at 2343 Valentine Avenue in Fordham Heights, Bronx.
The deal closed on April 17, 2024 and was recorded on April 22, 2024. The property has 23,771 square feet of built space and 21,389 square feet of additional air rights for a total buildable of 45,180 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $88 and the price per buildable square foot is $46 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 24, 2009, for $750,000. The signatory for Victor Luciano was Victor Luciano. The signatory for Sanjaya Mallick was Sanjaya Mallick. The contract date was April 17, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Sanjaya Mallick had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Victor Luciano 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 Victor Luciano, head officer and Silvio Guerrero, agent. The business entity is Mi Casa 2 Realty Management Corp. The 23,771-square-foot property generated revenue of $327,290 or $14 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 31 residential units in Fordham Heights has 23,771 square feet of built space and 21,389 square feet of additional air rights for a total buildable of 45,180 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,505 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million. The most recent loan totaled 0.0 and was provided by DD Notes LLC on June 16, 2023.
Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $2 million commercial foreclosure concerning a loan filed on August 4, 2023, against Victor Luciano. In addition, according to city public data, the property has received one DOB violation, 260 housing violations, $1,300 in OATH penalties, and five housing litigations 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 13 commercial properties representing 100,911 square feet of the 247,926 square feet. The largest owner is Victor Luciano, followed by Fordham Bedford Housing Corporation and then Benito Mofeno.
There are no active new building construction projects on this tax block.
The majority, or 96 percent of the 247,926 square feet of built space are walkup buildings, with industrial buildings next occupying 4 percent of the space.
The seller
The PincusCo database currently indicates that Victor Luciano owned at least two commercial properties with 34 residential units in New York City with 28,256 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 84 percent of the 28,256 square feet of built space are walkup properties, with C0 properties next occupying 16 percent of the space. They are all located in Bronx.
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