WellLife Network pays $7.5M to Saint Mary Of Olinville for three properties in Olinville

WellLife Network through the entity White Plains Road Housing Development Fund paid $7.5 million to the Church of Saint Mary of Olinville for the development site at 3642 Willett Avenue in Olinville, Bronx.
The deal closed on October 18, 2022 and was recorded on October 28, 2022. The three properties have 8,480 square feet of built space and 44,757 square feet of additional air rights for a total buildable of 53,345 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $884 and the price per buildable square foot is $140 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.)

WellLife borrowed $16 million in 2020 for a development in Glendale, Queens.

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 3642 Willett Avenue.

The property

The 3642 Willett Avenue parcel has frontage of 202 feet and is 180 feet deep with a total lot size of 28,165 square feet. The lot is irregular. The zoning is R5A which allows for up to 1.1 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million.
The 3663 White Plains Road parcel has frontage of 50 feet and is 76 feet deep with a total lot size of 5,525 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 $565,000.
The N/A White Plains Road parcel has frontage of 65 feet and is three feet deep with a total lot size of 66 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 $2,000.

Violations and lawsuits

The properties were involved in one court action and zero bankruptcies over the past two years. The court filing was a $7.5 million petition concerning a leave to sell filed on July 27, 2022, by the Church of Saint Mary, with WellLife Network as the buyer. PincusCo reported in July 2022 on the petition seeking approval to sell the property.

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 neighborhood

In Olinville, the majority, or 55 percent of the 2.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Olinville has the 48th highest sale turnover among other neighborhoods in Bronx with $1.4 million in sales volume in the last two years. For development, Olinville has had very little major development activity relative to other neighborhoods.It had 41,946 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 3642 Willett Avenue, PincusCo has identified the owners of three of the seven commercial properties representing 160,087 square feet of the 171,373 square feet. The two identified owners are Arker Companies and Stagg Group.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 102,305 square feet of built space are elevator buildings, with mixed-use buildings next occupying 11 percent of the space.

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