Steve Zervoudis pays $1.8M for residential walkup in Riverdale

Steve Zervoudis through the entity 515w236 LLC paid $1.8 million to Hal Dorfman through the entity Simcha Equities LLC for seven-unit residential walkup building (C1) at 515 West 236th Street in Riverdale, Bronx.
The deal closed on August 4, 2022 and was recorded on August 24, 2022. The property has 7,280 square feet of built space and 3,006 square feet of additional air rights for a total buildable of 10,288 square feet according to PincusCo analysis of city data. The sale price per built square foot is $242 and the price per buildable square foot is $171 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 February 25, 2014, for $1.4 million. The signatory for Hal Dorfman was Hal Dorfman. The signatory for Steve Zervoudis was Steve Zervoudis.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Steve Zervoudis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hal Dorfman had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Hal Dorfman, head officer and Kou Chung Lou, site manager. The business entity is Simcha Equities Llc.

The property

The 515 West 236th Street parcel has frontage of 37 feet and is 113 feet deep with a total lot size of 4,234 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 178,836 square feet of the 241,509 square feet. The largest owner is Michael Goldberg, followed by Weinreb Management and then Stagg Group.
There are two active new building construction projects totaling 160,329 square feet. The largest is a N/A-unit, 95,483-square-foot B building developed by Joseph Kelleher with plans filed November 26, 2013 and it has not been permitted yet. The second largest is a 48-unit, 64,846-square-foot R-2 building developed by Joseph Kelleher with plans filed February 9, 2016 and permitted January 12, 2022.

The majority, or 75 percent of the 238,636 square feet of built space are elevator buildings, with retail buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Steve Zervoudis owned at least 14 commercial properties in New York City with 368,675 square feet and a city-determined market value of $23.4 million. (Market value is typically about 50% of actual value.) The portfolio has $7.7 million in debt, borrowed from Orange Bank & Trust Company. Within the portfolio, the bulk, or 68 percent of the 368,675 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 90 percent of the built space, is in Bronx, with Manhattan next at 10 percent of the space.

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