Simkho Aranbayev pays $7.6M to Abro Management for retail in Concourse

Simkho Aranbayev through the entity 84-47 Parsons LLC paid $7.6 million to Abro Management through the entity Astoria LLC for the retail building (K1) at 98 East 167th Street in Concourse, Bronx.
The deal closed on September 26, 2024 and was recorded on October 24, 2024. The property has 21,016 square feet of built space and 56,012 square feet of additional air rights for a total buildable of 66,376 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $361 and the price per buildable square foot is $114 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 Abro Management was Richard Scharf. The signatory for Simkho Aranbayev was Simkho Aranbayev. The contract date was June 6, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Simkho Aranbayev purchased six properties in six transactions for a total of $27.4 million and sold one property in one transaction for a total of $2.8 million over the past 24 months.
The seller Abro Management had not purchased any other properties and sold two properties in two transactions for a total of $11.5 million over the same time period.

The property

The retail building in Concourse has 21,016 square feet of built space and 56,012 square feet of additional air rights for a total buildable of 66,376 square feet according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 100 feet deep with a total lot size of 11,026 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 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 $730 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 Concourse, The bulk, or 46 percent of the 13.4 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 16 percent of the space. In sales, Concourse has had very little sales volume relative to other neighborhoods with $91.4 million in sales volume in the last two years. For development, Concourse has near average amount of major developments among other neighborhoods and is the 6th highest in Bronx. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 140,584 square feet of the 334,400 square feet. The largest owner is Neighborhood Restore, followed by Walton Avenue Senior Housing Development Fund and then Prana Investments.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 334,400 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Abro Management owned at least 47 commercial properties with 2,648 residential units in New York City with 2,578,787 square feet and a city-determined market value of $330.7 million. (Market value is typically about 50% of actual value.) The portfolio has $173.9 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Northfield Bank respectively. Within the portfolio, the bulk, or 94 percent of the 2,578,787 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Simkho Aranbayev owned at least 29 commercial properties with 30 residential units in New York City with 190,048 square feet and a city-determined market value of $41 million. (Market value is typically about 50% of actual value.) The portfolio has $22.3 million in debt, borrowed from Signature Bank and Provident Bank. Within the portfolio, the bulk, or 55 percent of the 190,048 square feet of built space are retail properties, with mixed-use properties next occupying 38 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Queens next at 38 percent of the space.

Direct link to Acris document. link