Azimuth signs contract for dev site in Morrisania

Azimuth Development Group as buyer signed a contract with seller, TLOA Capital, for five contiguous industrial parcels in Morrisania, the Bronx, that the seller took back in foreclosure, a memorandum of contract says. The parties signed two contracts, one for one property and another for four properties, that make up the development site.

In the first, Azimuth Development Group through the entity Ap Park Avenue LLC signed a contract with the seller TLOA Capital through the entity Reo Q42016, LLC to buy the industrial building (E9) at 3400 Park Avenue in Morrisania, Bronx, for an undisclosed price. The expected use is ground up development.
The deal closed on January 16, 2026 and was recorded on February 13, 2026. The property has 24,582 square feet of built space according to a PincusCo analysis of city data.
In the second, Azimuth Development Group through the entity Ap Park Avenue LLC signed a contract with the seller TLOA Capital through the entity 3400 Park Palace, LLC for the industrial building (F4) at 3408 Park Avenue and the parking lot (G7) at 425 East 166th Street in Morrisania, Bronx, and industrial building (G7) at 429 East 166th Street in Morrisania, Bronx. The expected use is cash flowing.
The deal closed on January 16, 2026 and was recorded on February 13, 2026. The four properties have 10,302 square feet of built space and 10,855 square feet of additional air rights for a total buildable of 21,193 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $zero and the price per buildable square foot is $zero 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 seller bought the property on July 28, 2016, for $3.5 million. The signatory for TLOA Capital was Michael Reiner . The signatory for Azimuth Development Group was Guido Subotovsky . The contract date was November 13, 2025. Expected closing is May 13, 2027.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Azimuth Development Group purchased seven properties in six 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 TLOA Capital had not purchased any other properties and sold two properties in two transactions for a total of $7.2 million over the same time period.

The property

The industrial building in Morrisania has 24,582 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 78 feet and is 247 feet deep with a total lot size of 17,479 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.9 million.

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 not received any significant violations 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 Morrisania, The majority, or 52 percent of the 25.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $117.8 million in sales volume in the last two years. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 728,447 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 36 commercial properties representing 75,199 square feet of the 186,316 square feet. The largest owner is Workforce Housing Group, followed by Kwabena Adjei and then Al-Ridwane Muslim Center.
On the tax block, there were three new building construction projects totaling 56,539 square feet. The largest is a 25-unit, 25,480 square-foot residential (R-2) building submitted by Emil Friedman and filed by Emil Friedman with plans filed September 9, 2021 and permitted April 29, 2022. The second largest is a 30-unit, 24,624 square-foot residential (R-2) building submitted by NYC Department of Housing Preservation and Development and filed by Rona Reodica with plans filed September 22, 2023 and permitted November 24, 2025.

The majority, or 39 percent of the 186,316 square feet of built space are industrial buildings, with elevator buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Azimuth Development Group owned at least 13 commercial properties with 474 residential units in New York City with 317,028 square feet and a city-determined market value of $37.8 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 55 percent of the 317,028 square feet of built space are specialty properties, with D6 properties next occupying 16 percent of the space. The bulk, or 55 percent of the built space, is in Bronx, with Manhattan next at 44 percent of the space.

Direct link to Acris document. link
Direct link to Acris document. link