Yaakov Lefkowitz plans 28 units in Bronx commercial-to-resi conversion

Yaakov Lefkowitz submitted a major alteration application to convert a non-confirming commercial (COM) building at 610 Morris Park Avenue in Van Nest, Bronx to legal 28-unit residential building. The plan was filed with the New York City Department of Buildings on November 15, 2022 under job number X08038596. It calls for a rehab of the five-story building. The project is described in the filing as: existing 5-story non-conforming commercial building, to be converted to a 28-family residential building under article 5 of zr.

The property

The industrial building in Van Nest has 10,625 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 95 feet deep with a total lot size of 2,375 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $645,000.

Prior sales and revenue

This property was sold for $920,000 on January 20, 2017.

The 10,625-square-foot property generated revenue of $110,065 or $10 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received one DOB violation in the last year.

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

The neighborhood

In Van Nest, the bulk, or 30 percent of the 3.5 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 27 percent of the space. In sales, Van Nest has near average sales volume among other neighborhoods with $23.6 million in sales volume in the last two years and is the 36th highest in Bronx. For development, Van Nest has near average amount of major developments among other neighborhoods and is the 39th highest in Bronx. It had 61,201 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 this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 3,900 square feet of the 35,339 square feet. The identified owner is Bardh Mavraj. There are no active new building construction projects on this tax block.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 610 Morris Park Avenue in the past 24 months.

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