Bowery Residents Committee pays $4.7M to Apple Bank in Pelham Parkway

Bowery Residents Committee through the entity PPS Housing Development Fund Corporation paid $4.7 million to Apple Bank for the retail building (K7) at 626 Pelham Parkway South in Pelham Parkway, Bronx. The expected use is owner-occupied.
The deal closed on February 20, 2025 and was recorded on February 24, 2025. The property has 13,800 square feet of built space and 20,635 square feet of additional air rights for a total buildable of 34,458 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $336 and the price per buildable square foot is $134 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 Apple Bank was Mitchell W. Jacobs. The signatory for Bowery Residents Committee was Lilia Marini-Calves . The contract date was November 1, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bowery Residents Committee had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Apple Bank had not purchased any other properties and had not sold any properties over the same time period. The 13,800-square-foot property generated revenue of $769,212 or $56 per square foot, according to the most recent income and expense figures.

The property

The retail building in Pelham Parkway has 13,800 square feet of built space and 20,635 square feet of additional air rights for a total buildable of 34,458 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,017 square feet. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $4.5 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $6.2 million money judgment concerning a contract filed on June 29, 2023, by Apple Bank for Savings against Prime Rok Real Estate. 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 Pelham Parkway, The majority, or 84 percent of the 6.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 6 percent of the space. In sales, Pelham Parkway has the 42nd highest sale turnover among other neighborhoods in Bronx with $10.1 million in sales volume in the last two years. For development, Pelham Parkway has had very little major development activity relative to other neighborhoods.It had 84,685 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 19 commercial properties representing 459,915 square feet of the 616,796 square feet. The largest owner is Related Companies, followed by Sol Goldman Investments and then Lightstone Group.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 616,796 square feet of built space are elevator buildings, with retail buildings next occupying 11 percent of the space.

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