Vasco Ventures pays $6.3M for two walkups in Bronx

Vasco Ventures paid $6.3 million for two walkups in Bronx in two transactions to two separate sellers.

In the first, Vasco Ventures through the entity CM Property Services LLC paid $3.4 million to Valentin Lisi through the entity 885-887 Cauldwell LLC for the 10-unit residential walkup building (C1) at 885 Cauldwell Avenue in Morrisania, Bronx.
The deal closed on July 25, 2023 and was recorded on August 1, 2023. The property has 9,375 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $362 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 Valentin Lisi was Valentin Lisi. The signatory for Vasco Ventures was Ephraim Vashovsky. The contract date was September 23, 2023.

in the second, Vasco Ventures through the entity CM Property Services LLC paid $3 million to Robert Lumaj through the entity 2132 Mapes LLC for the 10-unit residential walkup building (C1) at 2132 Mapes Avenue in Belmont, Bronx. The deal closed on July 25, 2023 and was recorded on August 1, 2023. The property has 8,762 square feet of built space and 7,723 square feet of additional air rights for a total buildable of 16,501 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $336 and the price per buildable square foot is $178 per the PincusCo analysis.
The signatory for Robert Lumaj was Robert Lumaj. The signatory for Vasco Ventures was Ephraim Vashovsky. The contract date was September 23, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vasco Ventures had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Valentin Lisi had not purchased any other properties and had not sold any properties over the same time period. The 9,375-square-foot property generated revenue of $176,816 or $19 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 10 residential units in Morrisania has 9,375 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 35 feet and is 100 feet deep with a total lot size of 3,530 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $508,676.

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 $200 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 one of the eight commercial properties representing 139,900 square feet of the 171,135 square feet. The identified owner is City Of New York.
On the tax block, there was one new building construction project filed totaling 5,885 square feet. It is a two-unit, 5,885 square-foot residential (R-2) building submitted by Yosef Yaakovzadeh with plans filed December 8, 2015 and it has not been permitted yet.

The majority, or 82 percent of the 171,135 square feet of built space are specialty buildings, with walkup buildings next occupying 15 percent of the space.

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