Yitzchok Weinberg pays $12.1M to Lemle & Wolff for 10 walkups in Longwood

Yitzchok Weinberg through the entity 818-860 Gv LLC paid $12.1 million to Lemle & Wolff Companies through the entity 818-862 Beck Street Associates for 10 residential properties including the 12-unit residential walkup building (C1) at 834 Beck Street in Longwood, Bronx, nine-unit residential walkup building (C4) at 822 Beck Street in Longwood, Bronx, and nine-unit residential walkup building (C4) at 826 Beck Street in Longwood, Bronx.
The deal closed on September 15, 2022 and was recorded on September 30, 2022. The 10 properties have 87,899 square feet of built space and 35,636 square feet of additional air rights for a total buildable of 123,189 square feet according to PincusCo analysis of city data. The sale price per built square foot is $137 and the price per buildable square foot is $98 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 Lemle & Wolff Companies was Joseph Zitolo. The signatory for Yitzchok Weinberg was Yitzchok Weinberg.

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 822 Beck Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yitzchok Weinberg purchased three properties in three transactions for a total of $13.5 million and has no record it sold any properties over the past 24 months.
The seller Lemle & Wolff Companies 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 Joseph Zitolo, head officer and Andrew Kleiman, site manager. The business entity is 818-862 Beck St Assoc. Out of the 10 properties, one with a total of 87,899 square feet of built space generated revenue of $193,974 per year.

The property

The 822 Beck Street parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 3,717 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 $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 86 housing violations, $700 in OATH penalties, and one housing litigation 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 block

On the tax block of 822 Beck Street, PincusCo has identified the owners of 12 of the 23 commercial properties representing 118,046 square feet of the 204,454 square feet. The largest owner is Lemle & Wolff, followed by Yonasen Lefkowitz and then Banana Kelly Community Improvement Association.
There are no active new building construction projects on this tax block.

All properties are walkup.

The seller

The PincusCo database currently indicates that Lemle & Wolff Companies owned at least three commercial properties in New York City with 81,064 square feet and a city-determined market value of $7.3 million. (Market value is typically about 50% of actual value.) The portfolio has $44.5 million in debt, borrowed from Bank of New York Mellon. Within the portfolio, the bulk, or 79 percent of the 81,064 square feet of built space are elevator properties, with walkup properties next occupying 21 percent of the space. The bulk, or 79 percent of the built space, is in Bronx, with Manhattan next at 21 percent of the space.

The buyer

The PincusCo database currently indicates that Yitzchok Weinberg owned at least two commercial properties in New York City with 43,800 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are walkup properties. They are all located in Bronx.

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