VAJA Group pays $4.7M for three mid-construction walkups in Fordham Manor

VAJA Group through the entity Fordham Vaja LLC paid $4.7 million to Sukhjinder Singh through the entity 364-372 Investors LLC for three mid-construction walkup buildings, including the 10-unit residential walkup building (C1) at 368 East 194th Street, the 10-unit residential walkup building (C1) at 364 East 194th Street and the seven-unit residential walkup building (C1) at 372 East 194th Street, adjacent properties in Fordham Manor, the Bronx.
The deal closed on September 8, 2023 and was recorded on September 15, 2023. The three properties have 22,624 square feet of built space and 782 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $207 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 Sukhjinder Singh was Sukhjinder Singh. The signatory for VAJA Group was Moses Freund. The contract date was May 5, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 364 East 194th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer VAJA Group purchased two properties in two transactions for a total of $3.9 million and has no record it sold any properties over the past 24 months.
The seller Sukhjinder Singh purchased two properties in two transactions for a total of $9.5 million and had not sold any properties over the same time period.

The property

The three buildings in Fordham Manor have 22,624 square feet of built space and 782 square feet of additional air rights according to a PincusCo analysis of city data.The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $24,480 in OATH penalties in the last year.

Development

On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 21,466 square feet. The largest is a new building project for a 10-unit, 8,407 square-foot R-2 building submitted by Sukhjinder Singh with plans filed January 14, 2016 and permitted January 19, 2022. The second largest is a new building project for a 10-unit, 8,112 square-foot R-2 building submitted by Sukhjinder Singh with plans filed August 13, 2014 and permitted January 19, 2022.

The block

On the tax block of 364 East 194th Street, PincusCo has identified the owners of five of the 13 commercial properties representing 137,742 square feet of the 262,476 square feet. The largest owner is Maurice Mckenzie, followed by Fordham Bedford Housing Corporation and then Edward Leon-Crespo.
On the tax block, there were three new building construction projects totaling 21,466 square feet. The largest is a 10-unit, 8,407 square-foot residential (R-2) building submitted by Sukhjinder Singh with plans filed January 14, 2016 and permitted January 19, 2022. The second largest is a 10-unit, 8,112 square-foot residential (R-2) building submitted by Sukhjinder Singh with plans filed August 13, 2014 and permitted January 19, 2022.

The majority, or 55 percent of the 262,476 square feet of built space are elevator buildings, with walkup buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Sukhjinder Singh owned at least two commercial properties with two residential units in New York City with 11,200 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 11,200 square feet of built space are industrial properties, with mixed-use properties next occupying 30 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Vaja Group owned at least seven commercial properties with 53 residential units in New York City with 41,165 square feet and a city-determined market value of $6 million. (Market value is typically about 50% of actual value.) The portfolio has $24.1 million in debt, borrowed from Northeast Community Bank. Within the portfolio, the bulk, or 55 percent of the 41,165 square feet of built space are elevator properties, with walkup properties next occupying 39 percent of the space. They are all located in Bronx.

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