Yitzchok Weinberg pays $4.7M for two walkups in Bronx

Yitzchok Weinberg of Griffon Ventures through the entity 405-409 Gv LLC paid $4.7 million to Abraham Hercman through the entity North Bronx Associates LLC for the 19-unit and 12-unit residential walkup buildings (C7 and C1) at 405 and 409 East 204th Street in Norwood, the Bronx.
The deal closed on June 6, 2023 and was recorded on June 8, 2023. The two properties have 29,580 square feet of built space and 120 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $158 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 Abraham Hercman was Abraham Hercman. The signatory for Yitzchok Weinberg was Yitzchok Weinberg. Yitzchok Weinberg alludes to the company Griffon Ventures.

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 405 East 204th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yitzchok Weinberg purchased 13 properties in four transactions for a total of $25.6 million and has no record it sold any properties over the past 24 months.
The seller Abraham Hercman 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 Abraham Hercman, head officer and Charles Hercman, officer. The business entity is North Bronx Assoc Llc. The two properties with a total of 29,580 square feet of built space generated revenue of $562,116 per year or $19 per square foot. The sale price per square foot was $159.

The property

The residential walkup building with 19 residential units in Norwood has 29,580 square feet of built space and 120 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 66 feet deep with a total lot size of 3,300 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 million.

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 42 housing violations and $2,450 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 405 East 204th Street, PincusCo has identified the owners of six of the 27 commercial properties representing 67,664 square feet of the 256,294 square feet. The largest owner is Surjeet Kaur, followed by Stagg Group and then Maurice Sarkissian.
On the tax block, there were seven new building construction projects totaling 261,997 square feet. The largest is a 109-unit, 76,673 square-foot building submitted by Lattire Construction and filed by Matthew Gross with plans filed September 20, 2022 and it has not been permitted yet. The second largest is a 60-unit, 65,087 square-foot residential (R-2) building submitted by Azimuth Development Group and filed by Guido Subotovsky with plans filed August 19, 2013 and permitted April 17, 2015.

The majority, or 24 percent of the 256,294 square feet of built space are hotel buildings, with elevator buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Yitzchok Weinberg owned at least 14 commercial properties with 167 residential units in New York City with 146,655 square feet and a city-determined market value of $15.7 million. (Market value is typically about 50% of actual value.) The portfolio has $15.1 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are walkup properties. They are all located in Bronx.

Correction: An earlier version of this post misspelled Griffon Ventures, identifying it as Griffin Ventures.

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