Azimuth Development Group in contract for likely dev site in Concourse Village

Azimuth Development Group through the entity Bmad Cvw LLC signed a contract to pay an undisclosed amount for the likely development site, a retail building (K1) at 763 Concourse Village West in Concourse Village, the Bronx. The seller is Titan Capital ID through the entity Concourse Village Owner LLC, which obtained control of the property through a foreclosure. The expected use is ground up development.
The memorandum of contract was dated February 3, 2026 and was recorded on February 4, 2026. The property has 17,625 square feet of built space and 22,918 square feet of additional air rights for a total buildable of 40,564 square feet according to a PincusCo analysis of city data.
The prior owner bought the property on April 18, 2022, for $5.7 million. The signatory for Titan Capital ID was David Saferstein . The signatory for Azimuth Development Group was Guido Subotovsky . Titan Capital ID was the prior lender and took the property back on September 22, 2025, through the state foreclosure case, 804713/2023E. The judgment was $5.8 million.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Azimuth Development Group purchased six properties in five transactions for a total of $48.6 million and sold one property in one transaction for a total of $5 million over the past 24 months.
The seller Titan Capital ID had not purchased any other properties and had not sold any properties over the same time period. The 17,625-square-foot property generated revenue of $389,336 or $22 per square foot, according to the most recent income and expense figures.

The property

The retail building in Concourse Village has 17,625 square feet of built space and 22,918 square feet of additional air rights for a total buildable of 40,564 square feet according to a PincusCo analysis of city data. The parcel has frontage of 161 feet and is 125 feet deep with a total lot size of 20,282 square feet. The zoning is C8-3 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.8 million.

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 Concourse Village, The bulk, or 39 percent of the 17.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Concourse Village has had very little sales volume relative to other neighborhoods with $130.9 million in sales volume in the last two years. For development, Concourse Village has 1.2 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Bronx. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the nine commercial properties representing 591,525 square feet of the 665,071 square feet. The largest owner is Residential Management (Ny), followed by Ved Parkash and then Mark Drakotos.
On the tax block, there were three new building construction projects totaling 211,047 square feet. The largest is a 114-unit, 87,339 square-foot residential (R-2) building submitted by Azimuth Development Group and filed by Guido Subotovsky with plans filed March 8, 2017 and permitted August 29, 2017. The second largest is a 94-unit, 77,205 square-foot residential (R-2) building submitted by Azimuth Development Group and filed by Guido Subotovsky with plans filed March 7, 2017 and permitted August 29, 2017.

The majority, or 86 percent of the 665,071 square feet of built space are elevator buildings, with industrial buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that Azimuth Development Group owned at least 12 commercial properties with 474 residential units in New York City with 299,403 square feet and a city-determined market value of $36.2 million. (Market value is typically about 50% of actual value.) The portfolio has $135 million in debt, with top three lenders as NYS Housing Finance Agency, NYC Department of Housing Preservation and Development, and Self-Help Credit Union respectively. Within the portfolio, the bulk, or 58 percent of the 299,403 square feet of built space are specialty properties, with D6 properties next occupying 17 percent of the space. The bulk, or 53 percent of the built space, is in Bronx, with Manhattan next at 46 percent of the space.

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