Wharton Properties files plans for 3K sf QSR building in Kingsbridge, bought site for $7.1M

Jeff Sutton’s Wharton Properties submitted a new building construction project for a 2,970 square-foot quick service restaurant building at 3657 Kingsbridge Avenue in Kingsbridge, Bronx. The plan was filed with the New York City Department of Buildings on June 26, 2024 under job number X01054290. It calls for the construction of a one-story building. The project is described in the filing as: filing herewith for construction of 2970-square-foot, one-story eating and drinking establishment. The architect is Shremshock Architects and Engineers. Valon Gjonbalaj of Wharton Properties submitted the plans.

The tenant is Raising Cane’s, which is based in Baton Rouge, Louisiana, and focuses on chicken fingers.

The property

The mixed-use building in Kingsbridge has 4,800 square feet of built space and 2,699 square feet of additional air rights for a total buildable of 7,499 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million.

Prior sales and revenue

This property was sold with 3 other properties by George Kaperonis for $7.1 million to Wharton Properties on December 20, 2023.

The 4,800-square-foot property generated revenue of $203,115 or $42 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Kingsbridge, The bulk, or 32 percent of the 6.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Kingsbridge has near average sales volume among other neighborhoods with $73 million in sales volume in the last two years and is the 14th highest in Bronx. For development, Kingsbridge has near average amount of major developments among other neighborhoods and is the 26th highest in Bronx. It had 361,321 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 4,800 square feet of the 97,360 square feet. The identified owner is Wharton Properties. On the tax block, there were two new building construction projects totaling 13,088 square feet. The largest is a 10-unit, 10,118 square-foot residential (R-2) building submitted by Costa Ioannou with plans filed July 24, 2019 and permitted April 27, 2022. The second largest is a 2,970 square-foot retail building submitted by Wharton Properties and filed by Valon Gjonbalaj with plans filed June 26, 2024 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Wharton Properties owned at least 85 commercial properties with 212 residential units in New York City with 3,328,416 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $243.8 million in debt, with top three lenders as Valley National Bank, Bank of China, and Provident Bank respectively. Within the portfolio, the bulk, or 68 percent of the 3,328,416 square feet of built space are office properties, with retail properties next occupying 20 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 3627 Kingsbridge Avenue in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.