Vincent Spina pays $2.8M for office in Westchester Square

Vincent Spina through the entity 1428 Blondell LLC paid $2.8 million to Antonio Iachetta through the entity Iachetta Enterprises, LLC for the two-unit office building (O8) at 1428 Blondell Avenue in Westchester Square, Bronx. The expected use is cash flowing.
The deal closed on September 11, 2025 and was recorded on September 16, 2025. The property has 9,750 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $287 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 11, 2016, for $915,000. The signatory for Antonio Iachetta was Antonio Iachetta. The signatory for Vincent Spina was Vincent Spina. The contract date was February 12, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vincent Spina had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Antonio Iachetta had not purchased any other properties and had not sold any properties over the same time period. The 9,750-square-foot property generated revenue of $286,455 or $29 per square foot, according to the most recent income and expense figures.

The property

The office building with 2 residential units in Westchester Square has 9,750 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,077 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.6 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

For the tax lot building, it received its initial certificate of occupancy on November 5, 2018. 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 Westchester Square, The bulk, or 30 percent of the 5.3 million square feet of commercial built space are walkup buildings, with office buildings next occupying 18 percent of the space. In sales, Westchester Square has had very little sales volume relative to other neighborhoods with $126.7 million in sales volume in the last two years. For development, Westchester Square has had very little major development activity relative to other neighborhoods.It had 287,733 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing zero square feet of the 14,952 square feet. The identified owner is City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 14,952 square feet of built space are office buildings, with industrial buildings next occupying 35 percent of the space.

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