Sonny Vataj pays $5.5M to Scharfman Organization for 49-unit rental in Bronx

Sonny Vataj through the entity 679 Waring LLC paid $5.5 million to Scharfman Organization through the entity 679 Waring Avenue, L.L.C. for the 49-unit residential elevator building (D1) at 679 Waring Avenue in Allerton, Bronx. The expected use is cash flowing.
The deal closed on November 15, 2024 and was recorded on November 29, 2024. The property has 47,886 square feet of built space according to a PincusCo analysis of city data. The sale price per built 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 Scharfman Organization was Mark Scharfman. The signatory for Sonny Vataj was Sonny Vataj. The contract date was August 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sonny Vataj purchased one property in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Scharfman Organization had not purchased any other properties and sold two properties in two transactions for a total of $25 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mark Scharfman, head officer and Dio Delrosario, site manager. The business entity is 679 Waring Avenue, Llc.

The property

The residential elevator building with 49 residential units in Allerton has 47,886 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 104 feet and is 100 feet deep with a total lot size of 10,300 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2011 and expires in 2025. The city-designated market value for the property in 2022 is $2.5 million. The property has 48 rent regulated units according to city tax records from 2023.

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 $1,250 in ECB penalties and seven housing 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 block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 212,706 square feet of the 240,952 square feet. The largest owner is Pinnacle Group, followed by Suresh Kumar Sachdev and then Scharfman Organization.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 240,952 square feet of built space are elevator buildings, with office buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Scharfman Organization owned at least 132 commercial properties with 3,938 residential units in New York City with 3,157,263 square feet and a city-determined market value of $659.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 3,157,263 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that Sonny Vataj owned at least three commercial properties with 30 residential units in New York City with 27,202 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 90 percent of the 27,202 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. They are all located in Bronx.

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