Allen Franco pays $4.9M to Gindi Capital for two properties in Fordham Heights

Allen Franco through the entity Asjm Fordham LLC paid $4.9 million to Gindi Capital through the entity Gch Fordham Road LLC for the office building (O7) at 2511 Marion Avenue in Fordham Heights, Bronx and retail building (K2) at 350 East Fordham Road in Fordham Heights, Bronx. The expected use is cash flowing.
The deal closed on January 30, 2025 and was recorded on February 3, 2025. The two properties have 44,964 square feet of built space and 11,316 square feet of additional air rights for a total buildable of 53,278 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $109 and the price per buildable square foot is $92 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 Gindi Capital was Eli Gindi. The signatory for Allen Franco was Allen Franco. The contract date was January 30, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Allen Franco had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gindi Capital had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 44,964 square feet of built space generated revenue of $2.7 million per year or $60 per square foot. The sale price per square foot was $110.

The property

The office building in Fordham Heights has 44,964 square feet of built space and 11,316 square feet of additional air rights for a total buildable of 53,278 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 84 feet deep with a total lot size of 12,488 square feet. The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $6.4 million. The most recent loan totaled $14.2 million and was provided by Israel Discount Bank on May 5, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $312 in ECB penalties and $1,562 in OATH penalties in the last year.

Development

On these lots, there is one active major alteration construction project, X00676081, for a 28,733 square-foot B building. The project was submitted by Deborah Ditaranto with plans filed February 17, 2022 and permitted August 5, 2022.

The neighborhood

In Fordham Heights, The bulk, or 46 percent of the 16.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 35 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $110.5 million in sales volume in the last two years. For development, Fordham Heights has had very little major development activity relative to other neighborhoods.It had 802,369 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 2511 Marion Avenue, PincusCo has identified the owners of 10 of the 24 commercial properties representing 210,329 square feet of the 339,472 square feet. The largest owner is Gindi Capital, followed by Ellen Joseph and then Denali Management.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 339,472 square feet of built space are walkup buildings, with retail buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Gindi Capital owned at least eight commercial properties in New York City with 100,301 square feet and a city-determined market value of $25.7 million. (Market value is typically about 50% of actual value.) The portfolio has $51.7 million in debt, borrowed from Goldman Sachs and Israel Discount Bank. Within the portfolio, the bulk, or 94 percent of the 100,301 square feet of built space are mixed-use properties, with retail properties next occupying 6 percent of the space. The bulk, or 59 percent of the built space, is in Queens, with Bronx next at 41 percent of the space.

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