Azimuth Development signs $24M contract for likely residential dev site in Concourse
1000 Walton Avenue (Credit - Cyclomedia)
Azimuth Development Group through the entity BMAD Walton LLC signed a contract last month to pay $24 million for what will likely be a residential apartment building development site at 1000 Walton Avenue in Concourse, the Bronx, to the 115-year-old private educational nonprofit, the All Hallows High School.
The contract of sale dated March 25, 2025, was disclosed in a court filing required when nonprofit and religious groups seek to sell assets. The site currently occupied by a 84,920-square-foot school complex, allows for a total of 223,342 square feet or $107 per foot, as-of-right residential development, or up to 267,120 square feet, or $90 per foot, for a project under the city’s Universal Affordability Preference program.
Azimuth Development Group is led by Guido Subotovsky, who signed the contract. The appraisal said the highest and best use for the site was residential development.
Case LINK
All Hallows High School, a Catholic school founded by the Congregation of Christian Brothers in 1909, will close after 115 years with the graduation of the class of 2025, according to the petition and the school website.
According to the petition seeking approval of the sale, “Citing decades of financial distress, an aging building in need of systemic rehabilitation and upgrades, and low student enrollment, the Board of Trustees unanimously resolved on January 17, 2025, that the school will graduate its last class at the conclusion of the 2024/2025 academic year… The Premises is currently a 4-story and basement, walk-up, educational facility built in 1931 containing 84,920 square feet of gross building area… [Appraisal firm] BBG determined that the aggregate current market value of the Premises as of March 13, 2025, is $17,600,000.00. BBG relied on the Sales Comparison Approach…” The broker according to the contract was Avison Young.
An Avison Young team including Fritz Richter, Patrick Madigan and Joseph Moran has been marketing the property.
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.
Azimuth Development Group recent activity as company:
• Macchia Group sold 4001 4th Avenue, Sunset Park, Brooklyn for $6.7 million to Azimuth Development Group on February 06, 2025.
• Azimuth Development Group borrowed $10.2 million from Webster Bank for 1328 Castle Hill Avenue and 1300 Castle Hill Avenue, Westchester Square, Bronx on November 15, 2024.
• Crossroads Tabernacle sold 1328 Castle Hill Avenue, Westchester Square, Bronx for $7.5 million to Azimuth Development Group on November 15, 2024.
• Barone Management, Shie Lefkovits and Azimuth Development Group borrowed $25 million from Broadview Capital for 134-11 221st Street, Laurelton, Queens on November 14, 2024.
• Sopher Real Estate sold 2211 Westchester Avenue, Westchester Square, Bronx for $6.1 million to Azimuth Development Group on May 31, 2024.
• Azimuth Development Group borrowed $68.9 million from NYS Housing Finance Agency and NYC Department of Housing Preservation and Development for 450 East 158th Street and 407-409 East 158th Street, Melrose, Bronx on April 10, 2024.
• Mark Sonnenschein sold 450 East 158th Street and 407-409 East 158th Street, Melrose, Bronx for $4.3 million to Azimuth Development Group on April 10, 2024.
• Azimuth Development Group borrowed $11.8 million from Metropolitan Commercial Bank for 530 West 215th Street and 532 West 215th Street, Inwood, Manhattan on October 13, 2023.
• Top Rock Holdings sold 2970 3rd Avenue, Longwood, Bronx for $4.3 million to Azimuth Development Group and Top Rock Holdings on October 05, 2023.
• Top Rock Holdings sold 134-11 221st Street, Laurelton, Queens for $8.7 million to Azimuth Development Group on August 16, 2023.
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 near average sales volume among other neighborhoods with $47.1 million in sales volume in the last two years and is the 22nd highest in Bronx. For development, Concourse has near average amount of major developments among other neighborhoods and is the 5th highest in Bronx. It had 1.1 million 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 three of the eight commercial properties representing 79,722 square feet of the 238,935 square feet. The largest owner is Aron Karpen, followed by Prana Investments and then Victor Fein. 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 surrounding
Within a 400-foot radius of All hallows high school, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Aron Karpen borrowed $17.1 million from Bank of Princeton secured by the zero-square-foot, 75-unit rental (D1) on 130 East 165th Street on February 23, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal. No data found