Sudhir Kumar Arora pays $2.8M for retail in Fordham Heights

Sudhir Kumar Arora through the entity 114 East 183rd St Corp paid $2.8 million to Simkho Aranbayev through the entity 114 East 183rd LLC for the retail building (K1) at 114 East 183rd Street in Fordham Heights, Bronx.
The deal closed on March 5, 2024 and was recorded on March 14, 2024. The property has 3,149 square feet of built space and 15,802 square feet of additional air rights for a total buildable of 18,950 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $873 and the price per buildable square foot is $145 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 October 21, 2020, for $1.8 million. The signatory for the seller Simkho Aranbayev was Peter Young. The signatory for Sudhir Kumar Arora was Sudhir Kumar Arora. The contract date was November 27, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sudhir Kumar Arora had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Simkho Aranbayev purchased nine properties in six transactions for a total of $30.6 million and sold two properties in one transaction for a total of $8.6 million over the same time period.

The property

The retail building in Fordham Heights has 3,149 square feet of built space and 15,802 square feet of additional air rights for a total buildable of 18,950 square feet according to a PincusCo analysis of city data. The parcel has frontage of 33 feet and is 95 feet deep with a total lot size of 3,148 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 $1,305 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 neighborhood

In Fordham Heights, The bulk, or 46 percent of the 16.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 35 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $102.5 million in sales volume in the last two years. For development, Fordham Heights has had very little major development activity relative to other neighborhoods.It had 552,140 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 160,069 square feet of the 253,335 square feet. The largest owner is Workforce Housing Group, followed by Simkho Aranbayev and then Martin Meyer.
On the tax block, there was one new building construction project filed totaling 7,667 square feet. It is a 20-unit, 7,667 square-foot residential (R-2) building submitted by Moses Ostreicher and filed by Moses Ostreicher with plans filed November 17, 2022 and permitted September 18, 2023.

The majority, or 63 percent of the 253,335 square feet of built space are walkup buildings, with elevator buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Simkho Aranbayev owned at least 28 commercial properties with 28 residential units in New York City with 177,269 square feet and a city-determined market value of $37.6 million. (Market value is typically about 50% of actual value.) The portfolio has $22.3 million in debt, borrowed from Signature Bank and Provident Bank. Within the portfolio, the bulk, or 56 percent of the 177,269 square feet of built space are retail properties, with mixed-use properties next occupying 36 percent of the space. The bulk, or 43 percent of the built space, is in Brooklyn, with Queens next at 38 percent of the space.

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