Zalman Bernstein pays $4.3M for dev site in Morrisania

Zalman Bernstein through the entity 1010 Claremont Village LLC paid $4.3 million to Bruce Miller through the entity Dcsjb Realty Co LLC for the development building (V9) at approximately 506 Weiher Court in Morrisania, Bronx.
The deal closed on April 1, 2024 and was recorded on April 19, 2024. The property has zero square feet of built space and 2,442 square feet of additional air rights for a total buildable of 2,442 square feet according to a PincusCo analysis of city data.
The seller bought the property on December 21, 2021, for $275,000. The signatory for Bruce Miller was Bruce Miller. The signatory for Zalman Bernstein was Zalman Bernstein. The contract date was April 1, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zalman Bernstein had purchased any other properties and sold three properties in one transactions for a total of $8.6 million over the past 24 months.
The seller Bruce Miller had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 32 feet and is 22 feet deep with a total lot size of 710 square feet. The zoning is M1-1/R7-2 which allows for up to 1 times floor area ratio (FAR) for manufacturing and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $52,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 $1 million on this tax lot.

The neighborhood

In Morrisania, The majority, or 52 percent of the 25.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Morrisania has near average sales volume among other neighborhoods with $242.9 million in sales volume in the last two years and is the 3rd highest in Bronx. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 341,527 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 18 commercial properties representing 75,136 square feet of the 232,036 square feet. The largest owner is Monadnock Development, followed by Menachem Chazanow and then Joel Friedman.
On the tax block, there were three new building construction projects totaling 131,313 square feet. The largest is a 95-unit, 64,228 square-foot residential (R-2) building submitted by Phillip Morrow with plans filed August 24, 2015 and it has not been permitted yet. The second largest is a 79-unit, 53,961 square-foot residential (R-2) building submitted by Joel Landau and filed by Joel Landau with plans filed November 9, 2021 and permitted June 8, 2022.

The majority, or 75 percent of the 232,036 square feet of built space are elevator buildings, with hotel buildings next occupying 16 percent of the space.

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