Yeruchem Israel pays $4M to David Goldberger for 45-unit dev site in Mt Hope

Yeruchem Israel through the entity 1952 Anthony Ave Mbsd LLC paid $4 million to David Goldberger through the entity Anthony Residents LLC for the development building (V0) at 1952 Anthony Avenue in Mt Hope, Bronx.
On the lot, there is one active new building construction project for a 45-unit, 30,783 square-foot R-2 building. The project was submitted by David Goldberger and filed by David Goldberger with plans filed May 8, 2023 and it has not been permitted yet.
The deal closed on November 8, 2023 and was recorded on December 1, 2023.
The seller bought the property on June 22, 2023, for $1.4 million. The signatory for David Goldberger was David Goldberger. The signatory for Yeruchem Israel was Yeruchem Israel. The contract date was June 30, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yeruchem Israel had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Goldberger had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 45 feet and is 90 feet deep with a total lot size of 4,064 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $108,000.

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 $3,960 in OATH penalties in the last year.

The neighborhood

In Mt Hope, The majority, or 57 percent of the 11 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Mt Hope has had very little sales volume relative to other neighborhoods with $93.5 million in sales volume in the last two years. For development, Mt Hope has had very little major development activity relative to other neighborhoods.It had 510,081 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 24 commercial properties representing 336,025 square feet of the 781,630 square feet. The largest owner is Ved Parkash, followed by Michael Merges and then Fordham Bedford Housing Corporation.
On the tax block, there were three new building construction projects totaling 88,362 square feet. The largest is a 40-unit, 40,902 square-foot residential (R-2) building submitted by Sabah Rajput with plans filed September 2, 2010 and permitted July 2, 2015. The second largest is a 45-unit, 30,783 square-foot residential (R-2) building submitted by David Goldberger and filed by David Goldberger with plans filed May 8, 2023 and it has not been permitted yet.

The majority, or 63 percent of the 781,630 square feet of built space are elevator buildings, with walkup buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Yeruchem Israel owned at least one commercial property with three residential units in New York City with 3,750 square feet and a city-determined market value of $911,000. (Market value is typically about 50% of actual value.) The portfolio has $9.8 million in debt, borrowed from Popular Bank. The portfolio consists of at least a single C0 property. It is located in Bronx.

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