Theodore Shane pays $4.7M for newly built 16-unit walkup in Wakefield
873 East 228th Street (Credit - Google)
Theodore Shane through the entity 873 E 228th Owner, LLC paid $4.7 million to Andrea Gjini through the entity 873 East 228 Street LLC for the 16-unit residential walkup building (C1) at 873 East 228th Street in Wakefield, Bronx.
On the lot, there was a new building construction project for a 16-unit, 10,166 square-foot residential (R-2) building. The project was submitted by L. Leguci with plans filed February 20, 2020 and permitted September 14, 2022.
The deal closed on January 30, 2024 and was recorded on February 6, 2024.
The signatory for Andrea Gjini was Andrea Gjini. The signatory for Theodore Shane was Theodore Shane. The contract date was April 27, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Theodore Shane had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Andrea Gjini had not purchased any other properties and had not sold any properties over the same time period.
The property
The residential walkup building with 16 residential units in Wakefield has 9,452 square feet of built space and 2,518 square feet of additional air rights for a total buildable of 11,992 square feet according to a PincusCo analysis of city data. The parcel has frontage of 52 feet and is 114 feet deep with a total lot size of 5,996 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $407,000.
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 housing violation and $680 in OATH penalties in the last year.
The block
On the tax block, there was one new building construction project filed totaling 10,166 square feet. It is a 16-unit, 10,166 square-foot residential (R-2) building submitted by L. Leguci with plans filed February 20, 2020 and permitted May 16, 2022.
The majority, or 100 percent of the 7,544 square feet of built space are walkup buildings, with development buildings next occupying 0 percent of the space.
Direct link to Acris document. link