Syed Hayat and Risfa Islam pays $3.1M for office in Unionport

Syed Hayat and Risfa Islam through the entity 2128 Westchester Property LLC paid $3.1 million to Andrew Impagliazzo and Andrew Klugerman through the entity 2128 Westchester Ave LLC for the two-unit office building (O5) at 2128 Westchester Avenue in Unionport, Bronx.
The deal closed on September 14, 2023 and was recorded on October 2, 2023. The property has 9,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $328 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 May 17, 2019, for $1.5 million. The signatory for Andrew Impagliazzo and Andrew Klugerman was Andrew Impagliazzo and Andrew Klugerman. The signatory for Syed Hayat and Risfa Islam was Syed Hayat. The contract date was August 14, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Syed Hayat had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Andrew Impagliazzo had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building with 2 residential units in Unionport has 9,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 36 feet and is 154 feet deep with a total lot size of 7,200 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $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 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 $1 million on this tax lot.

The neighborhood

In Unionport, The bulk, or 32 percent of the 6.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Unionport has near average sales volume among other neighborhoods with $321.9 million in sales volume in the last two years and is the 2nd highest in Bronx. For development, Unionport has had very little major development activity relative to other neighborhoods.It had 695,312 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 23 commercial properties representing 141,790 square feet of the 210,382 square feet. The largest owner is Scharfman Organization, followed by Savas Nicolaou and then David Winiarski.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 210,382 square feet of built space are elevator buildings, with mixed-use buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Andrew Impagliazzo owned at least three commercial properties with 29 residential units in New York City with 80,064 square feet and a city-determined market value of $18.7 million. (Market value is typically about 50% of actual value.) The portfolio has $41 million in debt, borrowed from Cantor Commercial Real Estate Lending and Sterling National Bank. Within the portfolio, the bulk, or 53 percent of the 80,064 square feet of built space are mixed-use properties, with walkup properties next occupying 40 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Queens next at 40 percent of the space.

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