SKF pays $7M to Atlantis Management Group for dev site in Norwood

Ayush Kapahi and Michael Froning’s SKF Development through the entity 6014 BCD Realty LLC as beneficial owner acquired from Atlantis Management Group through the entity 3083 Webster Realty LLC the development site at 3083 Webster Avenue in Norwood, Bronx, in a $7 million transaction. The nominal buyer was 3083 Webster Avenue Housing Development Fund Corp.
The deal closed on April 25, 2024 and was recorded on May 1, 2024. The property has 1,950 square feet of built space and 61,050 square feet of additional air rights for a total buildable of 63,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,589 and the price per buildable square foot is $111 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 22, 2020, for $6 million. The signatory for Atlantis Management Group was Tumay Basaranlar. The signatory for SKF Development was Ayush Kapahi. The contract date was July 5, 2023. The beneficial owner is 6014 BCD Realty LLC.

The property

The industrial building in Norwood has 1,950 square feet of built space and 61,050 square feet of additional air rights for a total buildable of 63,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 120 feet deep with a total lot size of 15,000 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $870,000.

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 not received any significant violations 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 Norwood, The bulk, or 48 percent of the 17.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Norwood has the 25th highest sale turnover among other neighborhoods in Bronx with $40.6 million in sales volume in the last two years. For development, Norwood has had very little major development activity relative to other neighborhoods.It had 317,905 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 233,040 square feet of the 367,776 square feet. The largest owner is Shapour Sohayegh, followed by Palush Marku and then Moses Silver.
On the tax block, there were five new building construction projects totaling 167,224 square feet. The largest is a 136-unit, 83,982 square-foot residential (R-2) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed December 15, 2022 and it has not been permitted yet. The second largest is a 116-unit, 65,661 square-foot residential (R-2) building submitted by Maria Matias with plans filed May 6, 2020 and permitted October 25, 2022.

The majority, or 54 percent of the 367,776 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Atlantis Management Group owned at least six commercial properties in New York City with 14,544 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 14,544 square feet of built space are retail properties, with industrial properties next occupying 37 percent of the space. The bulk, or 94 percent of the built space, is in Bronx, with Manhattan next at 3 percent of the space.

The buyer

The PincusCo database currently indicates that Ayush Kapahi owned at least four commercial properties with 290 residential units in New York City with 165,218 square feet and a city-determined market value of $13.8 million. (Market value is typically about 50% of actual value.) The portfolio has $73 million in debt, borrowed from Popular Bank. Within the portfolio, the bulk, or 99 percent of the 165,218 square feet of built space are elevator properties, with development properties next occupying 1 percent of the space. They are all located in Bronx.

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