Westchester Square dev site sells for $2.8M

A buyer through the entity NY Seddon 1741 LLC paid $2.8 million for the development site (V0) at 1741 Seddon Street in Westchester Square, Bronx.
The deal closed on March 15, 2023 and was recorded on March 24, 2023. The property has zero square feet of built space and 26,644 square feet of additional air rights for a total buildable of 26,644 square feet according to PincusCo analysis of city data. The sale price per built square foot is $103 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 signatorties for the sellers were Giuseppe F. Spiniello and Carmelina Spiniello. The signatory for the buyer was not legible.

Prior sales and revenue

The seller Giuseppe F. Spiniello had not purchased any other properties and had not sold any properties over the past 24 months.

The property

The 1741 Seddon Street parcel has frontage of 59 feet and is 184 feet deep with a total lot size of 10,965 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 $533,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 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 17 percent of the space. In sales, Westchester Square has had very little sales volume relative to other neighborhoods with $99.3 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 137,446 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 68,898 square feet of the 121,419 square feet. The two identified owners are Benzion Reifer and Arjan Gjushi.
On the tax block, there were four new building construction projects totaling 64,359 square feet. The largest is a 45-unit, 30,272-square-foot R-2 building developed by Arjan Gjushi with plans filed December 1, 2016 and permitted June 25, 2020. The second largest is a 32-unit, 22,760-square-foot R-2 building developed by Maheen Farrukh with plans filed August 16, 2019 and permitted March 8, 2022.

The majority, or 56 percent of the 121,419 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.

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