NCV Capital Partners plans 85-unit project in Bronx

Albert Gordon of NCV Capital Partners and Gordon International Holdings submitted a new building construction project for an 85-unit, 70,482 square-foot residential (R-2) building at 1415 Ogden Avenue in Highbridge, Bronx. The plan was filed with the New York City Department of Buildings on January 12, 2024 under job number X00969702. It calls for the construction of a seven-story building. The project is described in the filing as: propose new seven-story residential building as per plan. The architect is Aufgang Architects.

This property was sold by Orgden Christian Home International for $3.7 million to the nonprofit Unique People Services on December 8, 2023. NCV Capital Partners is the beneficial owner of the property.

Gordon filed a similar plan in 2019, calling for construction of 62,374-square-foot, seven-story 76-unit residential building. Gordon also uses the name A. Keith Gordon.

The property

The existing property in Highbridge has 27,295 square feet of built space and 37,125 square feet of additional air rights for a total buildable of 64,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 187 feet and is 100 feet deep with a total lot size of 18,750 square feet. The lot is irregular. 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 $554,000. The most recent loan totaled $5.1 million and was provided by Corporation For Supportive Housing on December 8, 2023.

Violations and lawsuits

According to city public data, the property has received six DOB violations, $11,500 in ECB penalties, and $12,700 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Highbridge, The majority, or 60 percent of the 12.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 26 percent of the space. In sales, Highbridge has near average sales volume among other neighborhoods with $54.5 million in sales volume in the last two years and is the 23rd highest in Bronx. For development, Highbridge has near average amount of major developments among other neighborhoods and is the 5th highest in Bronx. It had 979,471 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 31,800 square feet of the 128,800 square feet. The two identified owners are Arker Companies and Jose Tavarez. On the tax block, there were two new building construction projects totaling 132,856 square feet. The largest is a 85-unit, 70,482 square-foot residential (R-2) building submitted by Albert Gordon with plans filed January 12, 2024 and it has not been permitted yet. The second largest is a 76-unit, 62,374 square-foot residential (R-2) building submitted by NCV Capital Partners and filed by A. Keith Gordon with plans filed February 11, 2019 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Unique People Services owned at least five commercial properties with 104 residential units in New York City with 119,930 square feet and a city-determined market value of $7.3 million. (Market value is typically about 50% of actual value.) The portfolio has $75 million in debt, with top three lenders as NYS Housing Finance Agency, Corporation for Supportive Housing, and Corporation For Supportive Housing respectively. Within the portfolio, the bulk, or 72 percent of the 119,930 square feet of built space are elevator properties, with M1 properties next occupying 23 percent of the space. They are all located in Bronx.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 1431 Ogden Avenue in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.