Winston Lopez pays $6M to Walgreens in retail sale-leaseback in Williamsbridge

Winston Lopez through the entity La Ventella Realty LLC paid $6 million to Walgreen Co. through the entity Walgreen Eastern Co. for the retail building (K1) at 3575 Boston Road in Williamsbridge, Bronx. This is a sale-leaseback transaction.
The deal closed on February 20, 2024 and was recorded on March 1, 2024. The property has 10,495 square feet of built space and 11,742 square feet of additional air rights for a total buildable of 22,155 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $571 and the price per buildable square foot is $270 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 February 1, 2008, for $2.6 million. The signatory for Walgreen Co. was Richard N. Steiner. The signatory for Winston Lopez was Winston Lopez. The contract date was December 11, 2023. The new lease Winston Lopez as landlord signed with tenant Walgreen Co. is for 75 years.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Winston Lopez had purchased any other properties and sold one property in one transaction for a total of $5.2 million over the past 24 months.
The seller Walgreen Co. purchased one property in one transaction for a total of $9.2 million and sold two properties in two transactions for a total of $16.7 million over the same time period.

The property

The retail building in Williamsbridge has 10,495 square feet of built space and 11,742 square feet of additional air rights for a total buildable of 22,155 square feet according to a PincusCo analysis of city data. The parcel has frontage of 206 feet and is 135 feet deep with a total lot size of 22,155 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial. The city-designated market value for the property in 2022 is $1.5 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 $3,100 in OATH penalties 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 neighborhood

In Williamsbridge, The bulk, or 40 percent of the 6.9 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Williamsbridge has the 26th highest sale turnover among other neighborhoods in Bronx with $42.5 million in sales volume in the last two years. For development, Williamsbridge has had very little major development activity relative to other neighborhoods.It had 306,038 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 13 commercial properties representing 2,160 square feet of the 31,177 square feet. The identified owner is Stephen Walters.
On the tax block, there were four new building construction projects totaling 14,590 square feet. The largest is a four-unit, 4,693 square-foot residential (R-3) building submitted by Tal Dalal with plans filed March 30, 2022 and it has not been permitted yet. The second largest is a four-unit, 4,294 square-foot residential (R-3) building submitted by Tal Dalal with plans filed March 30, 2022 and it has not been permitted yet.

The majority, or 73 percent of the 31,177 square feet of built space are retail buildings, with mixed-use buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Walgreen Co. owned at least two commercial properties in New York City with 23,482 square feet and a city-determined market value of $6.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. The bulk, or 62 percent of the built space, is in Bronx, with Brooklyn next at 38 percent of the space.

Direct link to Acris document. link