Bowery Residents’ Committee pays $33.1M to Neighborhood Restore for three properties in Bronx

Bowery Residents’ Committee through the entity BFH Housing Development Fund Corporation paid $33.1 million to Neighborhood Restore through the entity Neighborhood Renewal Housing Development Fund Corp for the 60-unit residential walkup building (C1) at 1097 Walton Avenue in Concourse, Bronx, 60-unit residential walkup building (C1) at 1177 Walton Avenue in Concourse, Bronx, and 67-unit residential elevator building (D1) at 1245 Findlay Avenue in Concourse Village, Bronx. The expected use is cash flowing.

To finance the purchase and rehabilitation, BRC obtained a loan totaling $139.5 million from lenders including Citibank and NYC Department of Housing Preservation and Development.
The sale closed on September 11, 2025 and was recorded on September 19, 2025. The three properties have 153,975 square feet of built space and 75,450 square feet of additional air rights for a total buildable of 220,160 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $214 and the price per buildable square foot is $150 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 Neighborhood Restore was Salvatore D’Avola . The signatory for Bowery Residents’ Committee was Lilia Marini-Calves . The contract date was June 25, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bowery Residents’ Committee purchased one property in one transaction for a total of $4.7 million and has no record it sold any properties over the past 24 months.
The seller Neighborhood Restore had not purchased any other properties and sold 11 properties in seven transactions for a total of $56 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Salvatore Davola, head officer and Josh Koppel, agent. The business entities are HSC Management Corp. and Neighborhood Renewal HDFC. Out of the three properties, two with a total of 153,975 square feet of built space generated revenue of $1.7 million per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,250 in ECB penalties, 301 housing violations, $4,810 in OATH penalties, and one housing litigation 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 the tax block of 1177 Walton Avenue, PincusCo has identified the owners of four of the eight commercial properties representing 161,600 square feet of the 334,400 square feet. The largest owner is Simkho Aranbayev, followed by Neighborhood Restore and then Walton Avenue Senior Housing Development Fund.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 334,400 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Neighborhood Restore owned at least 55 commercial properties with 1,121 residential units in New York City with 911,628 square feet and a city-determined market value of $76.1 million. (Market value is typically about 50% of actual value.) The portfolio has $29.9 million in debt, borrowed from Community Preservation Corporation and NYC Housing Development Corporation. Within the portfolio, the bulk, or 72 percent of the 911,628 square feet of built space are walkup properties, with elevator properties next occupying 24 percent of the space. The bulk, or 74 percent of the built space, is in Bronx, with Manhattan next at 21 percent of the space.

The buyer

The PincusCo database currently indicates that Bowery Residents’ Committee owned at least two commercial properties with 27 residential units in New York City with 31,100 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio has $48.7 million in debt, borrowed from UMB Bank and NYS Dormitory Authority. Within the portfolio, the bulk, or 86 percent of the 31,100 square feet of built space are specialty properties, with industrial properties next occupying 14 percent of the space. They are all located in Manhattan.

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