Yenny Castillo pays $4.4M for three walkups with 24 units in Norwood

Yenny Castillo through the entity Hull Management LLC paid $4.4 million to Peter Serpico and Carmine Dellacava through the entity Cdht LLC for the eight-unit residential walkup buildings (C1) at 3331 Hull Avenue,  3331 Hull Avenue in Norwood, Bronx, and eight-unit residential walkup building (C1) at 3335 Hull Avenue in Norwood, Bronx.
The deal closed on August 8, 2023 and was recorded on August 16, 2023. The three properties have 20,368 square feet of built space and 2,955 square feet of additional air rights for a total buildable of 23,325 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $216 and the price per buildable square foot is $188 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 signatory for Peter Serpico and Carmine Dellacava was Peter Serpico and Carmine Dellacava. The signatory for Yenny Castillo was Yenny Castillo. The contract date was May 1, 2023.

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 3333 Hull Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yenny Castillo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Serpico had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Peter Serpico, head officer and Carmine Dellacava, shareholder. The business entities are Onsite Property Management Inc and Hull Avenue Realty Group Llc. The three properties with a total of 20,368 square feet of built space generated revenue of $332,609 per year or $16 per square foot. The sale price per square foot was $216.

The property

The residential walkup building with 8 residential units in Norwood has 20,368 square feet of built space and 2,955 square feet of additional air rights for a total buildable of 23,325 square feet according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 100 feet deep with a total lot size of 2,569 square feet. The lot is irregular. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2008 and expires in 2033. The city-designated market value for the property in 2022 is $748,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two housing violations and $150 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 block

On the tax block of 3333 Hull Avenue, PincusCo has identified the owners of six of the 15 commercial properties representing 222,170 square feet of the 372,663 square feet. The largest owner is Related Companies, followed by Peter Panas and then Nick Gazivoda.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 372,663 square feet of built space are elevator buildings, with walkup buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Peter Serpico owned at least eight commercial properties in New York City with 7,170 square feet and a city-determined market value of $4.7 million. (Market value is typically about 50% of actual value.) The portfolio has $9.8 million in debt, borrowed from New York City Acquisition Fund LLC. Within the portfolio, the bulk, or 63 percent of the 7,170 square feet of built space are mixed-use properties, with development properties next occupying 37 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Yenny Castillo owned at least one commercial property with 20 residential units in New York City with 13,991 square feet and a city-determined market value of $863,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

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