Zachary Haring pays $8.3M to Atlantis Development for development in Wakefield

Zachary Haring through the entity 3923 Carpenter Ave III LLC paid $8.3 million to Atlantis Development through the entity 3921 Carpenter LLC for development building  at 3923 Carpenter Avenue in Wakefield, Bronx. On these lots, there is one active new building construction project for a 27-unit, 20,237-square-foot R-2 building. The project was developed by Robert Lumaj with plans filed June 19, 2018 and permitted March 16, 2021.
The deal closed on August 19, 2022 and was recorded on August 26, 2022.
The signatory for Atlantis Development was Robert Lumaj. The signatory for Zachary Haring was Zachary Haring.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Zachary Haring had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Atlantis Development had not purchased any other properties and sold three properties in two transactions for a total of $26.2 million over the same time period.

The property

The 3923 Carpenter Avenue parcel has frontage of 53 feet and is 100 feet deep with a total lot size of 5,300 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 $435,000.

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 received $625 in ECB penalties and $625 in OATH penalties in the last year.

The neighborhood

In Wakefield, the bulk, or 34 percent of the 9.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 27 percent of the space. In sales, Wakefield has had very little sales volume relative to other neighborhoods with $90.3 million in sales volume in the last two years. For development, Wakefield has had very little major development activity relative to other neighborhoods.It had 591,158 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 278,343 square feet of the 317,658 square feet. The largest owner is David Blau, followed by Related Companies and then Residential Management (NY).
There is one active new building construction project totaling 20,237 square feet. It is a 27-unit, 20,237-square-foot R-2 building developed by Robert Lumaj with plans filed June 19, 2018 and permitted February 3, 2021.

The majority, or 95 percent of the 317,658 square feet of built space are elevator buildings, with walkup buildings next occupying 4 percent of the space.

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