Anshel Fridman of Nalcorp pays $8M for dev site in Mott Haven

Anshel Fridman of Nalcorp paid a total of $8 million to two different sellers for a two-parcel development site in Mott Haven, the Bronx, in two transactions.

In the first, Anshel Fridman of Nalcorp through the entity 338-344 Grand Concourse LLC paid $4.3 million to Helena Neuwirth through the entity 340 Grand Concourse, Inc. for the industrial building (G2) at 338 Grand Concourse in Mott Haven, Bronx. The expected is ground up development.
The deal closed on February 27, 2025 and was recorded on March 7, 2025. The property has 5,300 square feet of built space and 29,852 square feet of additional air rights for a total buildable of 35,168 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $809 and the price per buildable square foot is $122 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 Helena Neuwirth was Helena Neuwirth. The signatory for Nalcorp and Anshel Fridman was Anshel Fridman. The contract date was August 22, 2024.

In the second, Anshel Fridman through the entity 338-344 Grand Concourse LLC paid $3.7 million to Stephen Stratigakis through the entity Heted Realty Corp. for the industrial building (G2) at 344 Grand Concourse in Mott Haven, Bronx. The expected use is ground up development.
The deal closed on February 27, 2025 and was recorded on March 7, 2025. The property has 1,150 square feet of built space and 29,239 square feet of additional air rights for a total buildable of 30,401 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,224 and the price per buildable square foot is $121 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 Stephen Stratigakis was Stephen Stratigakis. The signatory for Anshel Fridman was Anshel Fridman. The contract date was August 22, 2024.

Traded NY previously reported on the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Anshel Fridman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Helena Neuwirth had not purchased any other properties and had not sold any properties over the same time period. The 5,300-square-foot property generated revenue of $106,424 or $20 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Mott Haven has 5,300 square feet of built space and 29,852 square feet of additional air rights for a total buildable of 35,168 square feet according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 100 feet deep with a total lot size of 5,842 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $426,000.

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 received $625 in ECB penalties and $625 in OATH penalties 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 Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 1.2 times the average sales volume among other neighborhoods with $307.7 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.5 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Bronx. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 14 commercial properties representing 508,554 square feet of the 556,410 square feet. The largest owner is Jacob Schwimmer, followed by Simon Kaufman and then Reda Group.
On the tax block, there was one new building construction project filed totaling 196,902 square feet. It is a 141-unit, 196,902 square-foot residential (R-2) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed December 20, 2021 and it has not been permitted yet.

The majority, or 83 percent of the 556,410 square feet of built space are elevator buildings, with walkup buildings next occupying 7 percent of the space.

The buyer

The PincusCo database currently indicates that Anshel Fridman owned at least 10 commercial properties with 435 residential units in New York City with 418,202 square feet and a city-determined market value of $36.4 million. (Market value is typically about 50% of actual value.) The portfolio has $173.5 million in debt, with top three lenders as Kearny Bank, Arbor Realty Trust, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 38 percent of the 418,202 square feet of built space are elevator properties, with walkup properties next occupying 30 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Bronx next at 6 percent of the space.

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