Steven Chera pays $5.5M to Son Dinh Tran for industrial in Mt Hope

Steven Chera through the entity Jerome Avenue SM Realty LLC paid $5.5 million to Son Dinh Tran through the entity 1940 & 1942 Jerome Ave LLC for industrial building at 1940 Jerome Avenue in Mt Hope, Bronx and industrial building at 1942 Jerome Avenue in Mt Hope, Bronx.
The deal closed on December 30, 2021 and was recorded on January 20, 2022.
The two properties have 8,752 square feet of built space and 56,577 square feet of additional air rights for a total buildable of 65,329 square feet according to PincusCo analysis of city data. The sale price per built square foot is $622 and the price per buildable square foot is $83 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 Son Dinh Tran was Son Dinh Tran. The signatory for Steven Chera was Steven Chera.
Prior to this transaction, the buyer Steven Chera had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Son Dinh Tran purchased 11 properties in nine transactions for a total of $55.4 million and had not sold any properties over the same time period.
The two properties with a total of 8,752 square feet of built space generated revenue of $182,962 per year or $21 per square foot. The sale price per square foot was $623.

In Mt Hope, the majority, or 53 percent of the 12.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 25 percent of the space. In sales, Mt Hope has had very little sales volume relative to other neighborhoods with $60.5 million in sales volume in the last two years. For development, Mt Hope has had very little major development activity relative to other neighborhoods.It had 734,472 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
On the tax block, the majority, or 55 percent of the 127,037 square feet of built space are industrial buildings, with mixed-use buildings next occupying 28 percent of the space.
Within a 400-foot radius of 1940 Jerome Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit application filed on October 8, 2021 for a 67,220-square-foot E building at 1956 Jerome Avenue.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 15, 2020 for the $484,750 renovation of 18,880-square-foot F-2 building with N/A residential units at 1959 Jerome Avenue.
Of those seven items, three were sales above $5 million totaling $26.3 million. The most recent of the three was Atlantic Development Group which bought the 37,000-square-foot, eight-unit industrial (G1) on 1959 Jerome Avenue for $13.9 million from Richard Pogostin on May 10, 2021.
Of those seven items, two were loans above $5 million totaling $20.9 million. The most recent of the two was Morris Weinberg which borrowed $8.4 million from JPMorgan Chase secured by the 78,095-square-foot, 85-unit rental (D1) on 1920 Walton Avenue on August 26, 2021.

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