Yoel Zagelbaum-affiliate pays $11.2M to Moshe Glassman for industrial in Morrisania

A Yoel Zagelbaum affiliate 1732 Webster Propco LLC paid $11.2 million to Moshe Glassman through the entity 1732 Partners Ii LLC for industrial building at 1732 Webster Avenue in Morrisania, Bronx.
The deal closed on March 16, 2022 and was recorded on March 28, 2022. The property has 11,602 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $969 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 Moshe Glassman was Daniel Rabinowitz. The signatory for Yoel Zagelbaum was Yoel Zagelbaum. Moshe Glassman signed on the previous mortgage for the property.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyers with Yoel Zagelbaum as signatory purchased three properties in three transactions for a total of $62.25 million and has no record he as seller sold any properties over the past 24 months.
The seller Moshe Glassman had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1732 Webster Avenue parcel has frontage of 39 feet and is 110 feet deep with a total lot size of 5,100 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 $828,000.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 bulk, or 47 percent of the 29.3 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $64.9 million in sales volume in the last two years. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 767,412 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing zero square feet of the 119,393 square feet. The identified owner is Metropolitan Transportation Authority. There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 119,393 square feet of built space are industrial buildings, with residential walkup buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Moshe Glassman owned at least two commercial properties with 34,850 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) The portfolio has $49.4 million in debt, borrowed from M&T Bank and TD Bank. Within the portfolio, the bulk, or 66 percent of the 34,850 square feet of built space are industrial properties, with specialty properties next occupying 34 percent of the space. They are all located in Queens.

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