Susan Miller pays $2.8M to Adam Eisner for development site in Fordham Heights

Susan Miller through the entity Key Park Realty LLC paid $2.8 million to Adam Eisner through the entity Primavera Properties, L.P. for development building at 2469 Webster Avenue in Fordham Heights, Bronx.
The deal closed on February 4, 2022 and was recorded on February 23, 2022.
The property has 0 square feet of built space and 27,753 square feet of additional air rights for a total buildable of 27,753 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $100 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 Adam Eisner was Adam Eisner. The signatory for Susan Miller was Susan Miller.
Prior to this transaction, the buyer Susan Miller had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Adam Eisner had not purchased any other properties and had not sold any properties over the same time period.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

There has been one demolition project filed for the parcels over the past five years.
In Fordham Heights, the bulk, or 43 percent of the 17.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 33 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $101 million in sales volume in the last two years. For development, Fordham Heights has 2.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Bronx. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
On the tax block, the majority, or 28 percent of the 333,061 square feet of built space are specialty buildings, with residential walkup buildings next occupying 27 percent of the space.
Within a 400-foot radius of 2469 Webster Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, three were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $2 million and one permit with a total initial cost of $975,000. The most recent of these three items was the filing on February 17, 2022 for a 28,733-square-foot B building with 0 residential units at 2511 Marion Avenue.
One of those nine items was a sale which Neighborhood Restore HDFC bought the 44,129-square-foot, 55-unit rental (C7) on 373 East 188th Street for $8 million from Blackshore Realty Group on July 13, 2021.
Of those nine items, five were loans above $5 million totaling $172.2 million. The most recent of the five was Marshall G. Rose which borrowed $10.1 million from Arbor Realty Trust secured by the 33,564-square-foot, 27-unit rental (C1) on 2463 Marion Avenue and one other property on December 3, 2021.

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