Shaban Mehaj pays $8M for retail in Fordham Manor

Shaban Mehaj through the entity MH Fordham LLC paid $8 million to Peter Kindler through the entity 125 Fordham LLC for the retail building (K1) at 125 East Fordham Road in Fordham Manor, Bronx.
The deal closed on August 29, 2024 and was recorded on September 3, 2024. The property has 6,400 square feet of built space and 15,616 square feet of additional air rights for a total buildable of 22,016 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,250 and the price per buildable square foot is $363 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 Peter Kindler was Evan Schwartz. The signatory for Shaban Mehaj was Shaban Mehaj. The contract date was April 22, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shaban Mehaj had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Kindler had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Fordham Manor has 6,400 square feet of built space and 15,616 square feet of additional air rights for a total buildable of 22,016 square feet according to a PincusCo analysis of city data. The parcel has frontage of 123 feet and is 14 feet deep with a total lot size of 6,400 square feet. The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $4.1 million.

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 $600 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 neighborhood

In Fordham Manor, The bulk, or 35 percent of the 18.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $75.9 million in sales volume in the last two years. For development, Fordham Manor has had very little major development activity relative to other neighborhoods.It had 651,635 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 108,206 square feet of the 239,244 square feet. The largest owner is Uzi Shvut, followed by City Skyline Realty and then Ved Parkash.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 239,244 square feet of built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Shaban Mehaj owned at least two commercial properties with 83 residential units in New York City with 89,700 square feet and a city-determined market value of $4.8 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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