Denali Management pays $6.95M to Michael Toikach for two walkup buildings in Bronx

Denali Management paid $6.95 million to Michael Toikach for two residential walkup buildings in the Bronx in two separate transactions.

In the first, Denali Management through the entity 505 East 178th LLC paid $3.8 million to Michael Toikach through the entity 505 East 178 LLC for 23-unit residential walkup building at 505 East 178th Street in Tremont, Bronx.
The deal closed on February 15, 2022 and was recorded on March 1, 2022.
The property has 21,450 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $177 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 Michael Toikach was Michael Toikach. The signatory for Denali Management was Jonathan Wiener.
Prior to this transaction, the buyer Denali Management purchased 38 properties in 30 transactions for a total of $194.5 million and had not sold any properties over the past 24 months.
The seller Michael Toikach had not purchased any other properties and had not sold any properties over the same time period.
The 21,450-square-foot property generated revenue of $380,107 or $18 per square foot, according to the most recent income and expense figures.

In Tremont, the bulk, or 33 percent of the 11.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 16 percent of the space. In sales, Tremont has had very little sales volume relative to other neighborhoods with $54.8 million in sales volume in the last two years. For development, Tremont has had very little major development activity relative to other neighborhoods.It had 206,281 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 54 percent of the 365,076 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 16 percent of the space.
The owner according to the Department of Housing Preservation and Development is Michael Toikach, head officer. The business entity is 505 East 178 Llc.
Within a 400-foot radius of 505 East 178th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Invesco Real Estate bought the 44,066-square-foot, 15-unit rental (D1) on 2005 Monterey Avenue and 10 other properties for $20.3 million from Property Resources Corporation on January 3, 2022.

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In the second transaction, Denali Management through the entity 4303 Bay LLC paid $3.1 million to Michael Toikach through the entity 4303 Baychester LLC for 23-unit residential walkup building at 4303 Baychester Avenue in Wakefield, Bronx.
The deal closed on February 15, 2022 and was recorded on March 1, 2022.
The property has 15,756 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $199 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 Michael Toikach was Michael Toikach. The signatory for Denali Management was Jonathan Wiener.
Prior to this transaction, the buyer Denali Management purchased 38 properties in 30 transactions for a total of $194.5 million and had not sold any properties over the past 24 months.
The seller Michael Toikach had not purchased any other properties and had not sold any properties over the same time period.
The 15,756-square-foot property generated revenue of $338,481 or $21 per square foot, according to the most recent income and expense figures.

One of the projects were to change the number of residential units from 0 to 23.
In Wakefield, the majority, or 56 percent of the 23.5 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 14 percent of the space. In sales, Wakefield has had very little sales volume relative to other neighborhoods with $52.4 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 493,844 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 91 percent of the 181,964 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 9 percent of the space.
The owner according to the Department of Housing Preservation and Development is Michael Toikach, head officer. The business entity is 4303 Baychester Llc.
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Direct link to Acris document. link