Baker Capital Group pays $2.6M for 16-unit walkup in Highbridge, last sold in 1988

Baker Capital Group through the entity 906 Summit Realty LLC paid $2.6 million to Jimmy Kwong through the entity 906 Summit, Inc. for the 16-unit residential walkup building (C1) at 906 Summit Avenue in Highbridge, Bronx. The expected use is cash flowing.
The deal closed on August 15, 2025 and was recorded on August 29, 2025. The property has 14,175 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $186 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 Jimmy Kwong was Jimmy Kwong. The signatory for Baker Capital Group was Don Bichoupan . The contract date was May 12, 2025.

To finance the purchase, Baker Capital Group borrowed $1.98 million from Tompkins Community Bank.

Jimmy Kwong bought the property on January 25, 1988, for $125,000, according to a PincusCo analysis of transfer tax records.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Baker Capital Group purchased 29 properties in two transactions for a total of $11.2 million and has no record it sold any properties over the past 24 months.
The seller Jimmy Kwong had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jimmy Kwong, head officer and Judy Kwong, shareholder. The business entity is 906 Summit, Inc. The 14,175-square-foot property generated revenue of $190,197 or $13 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Highbridge has 14,175 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 45 feet and is 75 feet deep with a total lot size of 3,375 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $761,000.

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 $380 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 block

On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 131,063 square feet of the 277,566 square feet. The largest owner is Shloime Goldstein, followed by Lightstone Group and then Jimmy Kwong.
On the tax block, there were three new building construction projects totaling 91,515 square feet. The largest is a 72-unit, 56,397 square-foot residential (R-2) building submitted by VAJA Group and filed by Moses Freund with plans filed March 13, 2022 and permitted May 5, 2022. The second largest is a 26-unit, 17,782 square-foot residential (R-2) building submitted by Arjon Mucejani and filed by Arjon Mucejani with plans filed December 3, 2024 and it has not been permitted yet.

The majority, or 80 percent of the 277,566 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Jimmy Kwong owned at least four commercial properties with 58 residential units in New York City with 51,621 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 73 percent of the built space, is in Brooklyn, with Bronx next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that Baker Capital Group owned at least one commercial property with 23 residential units in New York City with 30,000 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Bronx.

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