Shorewood, Spencer An pay $28.5M for dev site in Mott Haven

Shorewood Real Estate Group and grocer Spencer An through the entity 350 GC Property Owner LLC paid $28.5 million to Peter Fine’s entity 350 Rising LLC for the development site (V1) at 350 Grand Concourse in Mott Haven, Bronx. The expected use ground up development.
The Commercial Observer reported that Shorewood planned to build a 220,000-square-foot, mixed-use building anchored with a grocery store. Spencer An leads Food Bazaar Supermarket.
Peter Fine of Bolivar Development had filed plans for a mixed-use school and commercial building with about 180,000 square feet, but they were not permitted.
The deal closed on December 12, 2024 and was recorded on December 26, 2024. The property has 2,916 square feet of built space and 187,222 square feet of additional air rights for a total buildable of 187,222 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $9,773 and the price per buildable square foot is $152 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 17, 2021, for $21.2 million. The signatory for Bolivar Development was Peter Fine. The signatory for Shorewood Real Estate Group and Spencer An was S. Lawrence Davis for the purchase and Spencer An for the loan. The contract date was September 17, 2024.

The buyers financed the purchase with a $20 million loan from Cerco Funding.
A RIPCO Real Estate team of Mitchel Flaherty, Kevin Schmitz, Stephen R. Preuss Sr., and Brian Whelan brokered the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shorewood Real Estate Group had purchased any other properties and sold one property in one transaction for a total of $100 million over the past 24 months.
The seller Bolivar Development had not purchased any other properties and sold one property in one transaction for a total of $7 million over the same time period.

The property

The development building in Mott Haven has 2,916 square feet of built space and 187,222 square feet of additional air rights for a total buildable of 187,222 square feet according to a PincusCo analysis of city data. The parcel has frontage of 311 feet and is 100 feet deep with a total lot size of 31,100 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million. The most recent loan totaled $12.6 million and was provided by Valley National Bank on November 17, 2021.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 17, 2012. On the lot, there is one active new building construction project, X00646621, for a 141-unit, 196,902 square-foot R-2 building. The project was submitted by Atlantic Development Group and filed by Peter Fine with plans filed December 20, 2021 and it has not been permitted yet.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 1.2 times the average sales volume among other neighborhoods with $291.4 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 1.7 million 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 seven of the 14 commercial properties representing 508,554 square feet of the 556,410 square feet. The largest owner is Jacob Schwimmer, followed by Simon Kaufman and then Reda Group.
On the tax block, there was one new building construction project filed totaling 196,902 square feet. It is a 141-unit, 196,902 square-foot residential (R-2) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed December 20, 2021 and it has not been permitted yet.

The majority, or 83 percent of the 556,410 square feet of built space are elevator buildings, with walkup buildings next occupying 7 percent of the space.

The buyer

The PincusCo database currently indicates that Shorewood Real Estate Group owned at least two commercial properties with 323 residential units in New York City with 335,479 square feet and a city-determined market value of $24 million. (Market value is typically about 50% of actual value.) The portfolio has $110.1 million in debt, borrowed from East West Bank and Bayview Commercial Mortgage Finance, LLC. Within the portfolio, the bulk, or 97 percent of the 335,479 square feet of built space are elevator properties, with walkup properties next occupying 3 percent of the space. The bulk, or 97 percent of the built space, is in Queens, with Bronx next at 3 percent of the space.

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