Bridge Asset Management pays $2.8M to Triangle Equities for office in Belmont

Bridge Asset Management through the entity Bridge 696 E Fordham Road LLC paid $2.8 million to Triangle Equities through the entity Triangle Equities 696 East Fordham Road L.L.C. for the office building (O2) at 696 East Fordham Road in Belmont, the Bronx. The expected use is cash flowing.
The deal closed on April 14, 2026 and was recorded on April 21, 2026.
The signatory for Triangle Equities was Evan Petracca. The contract date was July 16, 2025.

Before the sale, the existing tax lot was subdivided into multiple lots. The other lots, which have four development projects with a total of 370 residential units planned, were sold to a partnership of Durgaj Properties and Balfin Group for $22.5 million.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Bridge Asset Management purchased two properties in two transactions for a total of $3.3 million and has no record it sold any properties over the past 24 months.
The seller Triangle Equities had not purchased any other properties and sold one property in one transaction for a total of $41 million over the same time period. Out of the two properties, one with a total of 56,500 square feet of built space generated revenue of $2.1 million per year.

Transaction Participants

Aaron M. Stein at Stein Farkas & Schwartz, LLP participated in the transaction on behalf of the buyer.

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 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 Belmont/Little Italy, The bulk, or 43 percent of the 14.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Belmont/Little Italy has the 19th highest sale turnover among other neighborhoods in Bronx with $80.9 million in sales volume in the last two years. For development, Belmont/Little Italy has had very little major development activity relative to other neighborhoods.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 the tax block of 696 East Fordham Road, PincusCo has identified the owners of seven of the 22 commercial properties representing 90,981 square feet of the 233,975 square feet. The largest owner is Brooklyn Standard Properties, followed by Cohen Commercial Properties and then Shahin Daneshyar.
On the tax block, there were six new building construction projects totaling 386,993 square feet. The largest is a 145-unit, 99,202 square-foot residential (R-2) building submitted by Shahin Daneshvar with plans filed December 19, 2019 and permitted March 22, 2022. The second largest is a 98-unit, 65,187 square-foot residential (R-2) building submitted by Bridge Asset Management and filed by Hen Vaknin with plans filed February 11, 2026 and it has not been permitted yet.

The majority, or 67 percent of the 233,975 square feet of built space are walkup buildings, with office buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Triangle Equities owned at least eight commercial properties in New York City with 709,193 square feet and a city-determined market value of $429.1 million. (Market value is typically about 50% of actual value.) The portfolio has $464 million in debt, with top three lenders as CIT Bank, LoanCore Capital, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 41 percent of the 709,193 square feet of built space are industrial properties, with specialty properties next occupying 33 percent of the space. The bulk, or 89 percent of the built space, is in Queens, with Bronx next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that Bridge Asset Management owned at least two commercial properties in New York City with 4,640 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties.

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