Yisroel Felberbaum pays $5.3M to Ronald Gilbert for industrial in Morrisania
415 East 167th Street (Credit - Google)
Yisroel Felberbaum through the entity Brook Valley LLC paid $5.3 million to Ronald Gilbert through the entity Mikspenal, LLC for industrial building (G1) at 415 East 167th Street in Morrisania, Bronx.
The deal closed on June 28, 2022 and was recorded on July 13, 2022. The property has 20,732 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $255 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 March 24, 2006, for $1.4 million. The signatory for Ronald Gilbert was Ronald Gilbert. The signatory for Yisroel Felberbaum was Yisroel Felberbaum.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Yisroel Felberbaum had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ronald Gilbert had not purchased any other properties and had not sold any properties over the same time period.
The property
The 415 East 167th Street parcel has frontage of 293 feet and is 62 feet deep with a total lot size of 20,699 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $614,000.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The neighborhood
In Morrisania, the majority, or 51 percent of the 27.5 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $184.2 million in sales volume in the last two years. For development, Morrisania has near average amount of major developments among other neighborhoods and is the 10th highest in Bronx. It had 995,760 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
There are no active new building construction projects on this tax block.
The majority, or 52 percent of the 104,736 square feet of built space are mixed-use buildings, with industrial buildings next occupying 20 percent of the space.
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