Steve Zervoudis pays $7.7M for 61-unit rental in Bedford Park

Steve Zervoudis through the entity 200 East 205 LLC paid $7.7 million to Allen Schwartz through the entity Vilmar LLC for the 61-unit residential elevator building (D1) at 200 East 205th Street in Bedford Park, Bronx.
The deal closed on May 30, 2024 and was recorded on June 12, 2024. The property has 81,070 square feet of built space and 18,729 square feet of additional air rights for a total buildable of 99,781 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $94 and the price per buildable square foot is $77 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 Allen Schwartz was Lara D’Agostino. The signatory for Steve Zervoudis was Steve Zervoudis. The contract date was January 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Steve Zervoudis purchased two properties in two transactions for a total of $5.5 million and sold seven properties in five transactions for a total of $10.4 million over the past 24 months.
The seller Allen Schwartz 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 Allen Schwartz, head officer and Linda Hernandez, agent. The business entities are Langsam Prop. Ser. Corp. and Vilmar Llc. The 81,070-square-foot property generated revenue of $1.1 million or $14 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 61 residential units in Bedford Park has 81,070 square feet of built space and 18,729 square feet of additional air rights for a total buildable of 99,781 square feet according to a PincusCo analysis of city data. The parcel has frontage of 152 feet and is 125 feet deep with a total lot size of 16,575 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. 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 82 housing violations and $430 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 block

On this tax block, PincusCo has identified the owners of 14 of the 35 commercial properties representing 550,939 square feet of the 692,776 square feet. The largest owner is Zef Dedaj, followed by Sergey Voskin and then Related Companies.
On the tax block, there were 10 new building construction projects totaling 155,861 square feet. The largest is a 40-unit, 44,318 square-foot residential (R-2) building submitted by Zdzislaw Czerny with plans filed October 27, 2015 and it has not been permitted yet. The second largest is a 66-unit, 43,170 square-foot residential (R-2) building submitted by Laquila Group and filed by Dino Tomassetti with plans filed April 5, 2019 and permitted January 14, 2021.

The majority, or 77 percent of the 692,776 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Allen Schwartz owned at least two commercial properties with 102 residential units in New York City with 127,655 square feet and a city-determined market value of $6.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 127,655 square feet of built space are elevator properties, with walkup properties next occupying 36 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Steve Zervoudis owned at least 18 commercial properties with 444 residential units in New York City with 415,891 square feet and a city-determined market value of $34.4 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 64 percent of the 415,891 square feet of built space are elevator properties, with walkup properties next occupying 36 percent of the space. The bulk, or 86 percent of the built space, is in Bronx, with Manhattan next at 14 percent of the space.

Direct link to Acris document. link