Zee Bala pays $3.4M for 21-unit walkup in Pelham Bay

Zee Bala through the entity 1601 Plymouth LLC paid $3.4 million to Santina Mondelli through the entity 1601 Plymouth Avenue LLC for the 21-unit residential walkup building (C7) at 1601 Plymouth Avenue in Pelham Bay, Bronx. The expected use is cash flowing.
The deal closed on December 13, 2024 and was recorded on December 19, 2024. The property has 17,666 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $189 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 Santina Mondelli was Santina Mondelli. The signatory for Zee Bala was Zee Bala. The contract date was September 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zee Bala had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Santina Mondelli 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 Antoinette Mondelli, head officer and Tina Mondelli, officer. The business entity is 1601 Plymouth Ave Llc.

The property

The residential walkup building with 21 residential units in Pelham Bay has 17,666 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 101 feet deep with a total lot size of 4,882 square feet. The zoning is R5A which allows for up to 1.1 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million. The property has 21 rent regulated units according to city tax records from 2023.

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 block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing zero square feet of the 27,666 square feet. The identified owner is Salvatore DiFranco as Trustee.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 27,666 square feet of built space are walkup buildings, with industrial buildings next occupying 0 percent of the space.

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