Walter Wilfinger pays $11.5M to Verco for 87-unit rental in Woodlawn Heights

Walter Wilfinger through the entity Webster Park Realty LLC paid $11.5 million to Verco Properties through the entity Sempre Avanti Realty Corp. for the 87-unit residential elevator building (D7) at 530 East 234th Street in Woodlawn Heights, Bronx.
The deal closed on January 5, 2024 and was recorded on January 29, 2024. The property has 113,670 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $101 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 Verco Properties was John A. Verni. The signatory for Walter Wilfinger was Walter Wilfinger. The contract date was October 18, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Walter Wilfinger had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Verco Properties 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 Christopher Verni, head officer and John Verni, agent. The business entities are Verco Properties Llc and Sempre Avanti Realty Corp.

The property

The residential elevator building with 87 residential units in Woodlawn Heights has 113,670 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 149 feet and is 163 feet deep with a total lot size of 19,781 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.1 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 $625 in ECB penalties, 104 housing violations, $1,885 in OATH penalties, and one housing litigation 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 14 commercial properties representing 2,574 square feet of the 181,926 square feet. The identified owner is Atlantis Management Group.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 181,926 square feet of built space are elevator buildings, with industrial buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Walter Wilfinger owned at least three commercial properties with 267 residential units in New York City with 337,655 square feet and a city-determined market value of $17.3 million. (Market value is typically about 50% of actual value.) The portfolio has $30.8 million in debt, borrowed from First National Bank of Long Island and Ridgewood Savings Bank. Within the portfolio, the bulk, or 84 percent of the 337,655 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. They are all located in Bronx.

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