Tariq Mahmoud pays $2.6M for 25-unit walkup in Tremont

Tariq Mahmoud through the entity 1981 Kings LLC paid $2.6 million to Kenneth Nugent through the entity 1981 Marmion Ventures LLC for the 25-unit residential walkup building (C1) at 1981 Marmion Avenue in Tremont, Bronx.
The deal closed on July 7, 2023 and was recorded on July 18, 2023. The property has 21,213 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $124 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 September 29, 2005, for $1.6 million. The signatory for Kenneth Nugent was Kenneth Nugent. The signatory for Tariq Mahmoud was Tariq Mahmoud.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tariq Mahmoud had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kenneth Nugent 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 Kenneth Nugent, head officer and John Woods, officer. The business entities are Remedial Property Management Solutions Inc and 1981 Marmion Ventures Llc. The 21,213-square-foot property generated revenue of $401,350 or $19 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 25 residential units in Tremont has 21,213 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 100 feet deep with a total lot size of 4,924 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 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 one DOB violation, two housing violations, and $1,010 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 three of the eight commercial properties representing 83,624 square feet of the 178,932 square feet. The largest owner is Julio Pantoja, followed by Hasan Biberaj and then Alexander Hoffman.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 178,932 square feet of built space are walkup buildings, with retail buildings next occupying 24 percent of the space.

Direct link to Acris document. link