Azimuth Development pays $24M to shuttered high school for dev site in Concourse

Azimuth Development Group through the entity Bmad Walton LLC paid $24 million to the closed All Hallows High School school building (W2) at 1000 Walton Avenue in Concourse, Bronx. The expected use is development.
The deal closed on October 23, 2025 and was recorded on November 12, 2025. The property has 84,920 square feet of built space and 138,383 square feet of additional air rights for a total buildable of 223,342 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $282 and the price per buildable square foot is $107 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 All Hallows High School was Christopher Hall . The signatory for Azimuth Development Group was Guido Subotovsky . The contract date was March 25, 2025. PincusCo first reported on the transaction in April, after the school filed a petition seeking court approval for the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Azimuth Development Group purchased five properties in four transactions for a total of $24.6 million and sold one property in one transaction for a total of $5 million over the past 24 months.
The seller All Hallows High School had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Concourse has 84,920 square feet of built space and 138,383 square feet of additional air rights for a total buildable of 223,342 square feet according to a PincusCo analysis of city data. The parcel has frontage of 246 feet and is 151 feet deep with a total lot size of 37,100 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.4 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $24 million judgment concerning a leave to sell filed on April 24, 2025, by All Hallows High School against Azimuth Development Group and Guido Subotovsky. In addition, according to city public data, the property has received one DOB violation and $5,200 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 Concourse, The bulk, or 46 percent of the 13.4 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 16 percent of the space. In sales, Concourse has the 23rd highest sale turnover among other neighborhoods in Bronx with $62.5 million in sales volume in the last two years. For development, Concourse has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 79,722 square feet of the 238,935 square feet. The largest owner is Victor Fein, followed by Prana Investments and then Aron Karpen.
On the tax block, there was one new building construction project filed totaling 40,812 square feet. It is a 75-unit, 40,812 square-foot residential (R-2) building submitted by Jacob Kohn with plans filed August 30, 2022 and permitted December 15, 2023.

The majority, or 53 percent of the 238,935 square feet of built space are elevator buildings, with specialty buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Azimuth Development Group owned at least 11 commercial properties with 474 residential units in New York City with 214,483 square feet and a city-determined market value of $25.8 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 41 percent of the 214,483 square feet of built space are specialty properties, with D6 properties next occupying 24 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Bronx next at 34 percent of the space.

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