Care for the Homeless pays $46.4M to Foremost Real Estate for new building in Westchester Square

Care for the Homeless through the entity Cfh Blondell Housing Development Fund Corporation paid $46.4 million to Foremost Real Estate through the entity 1374 Blondell LLC for the 18-unit shelter building (N2) at 1364-1400 Blondell Avenue in Westchester Square, Bronx. The expected use is owner occupied.
On the lot, there was a new building construction project, 210181863, for an 18-unit, 34,375 square-foot shelter (R-1) building. The project was submitted by Foremost Real Estate and filed by Dan Shavolian with plans filed August 18, 2020 and permitted December 1, 2022.
The sale to Care for the Homeless has been planned for years. The contract for Care for the Homeless to buy the building was signed on May 13, 2022, the same day Foremost bought the site to develop it.
The deal closed on November 22, 2024 and was recorded on December 9, 2024. The property has 34,521 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,345 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 May 13, 2022, for $5.8 million. The signatory for Foremost Real Estate was Dan Shavolian. The signatory for Care for the Homeless was George Nashak.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Care for the Homeless purchased one property in one transaction for a total of $16.5 million and has no record it sold any properties over the past 24 months.
The seller Foremost Real Estate had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building with 18 residential units in Westchester Square has 34,521 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 231 feet and is 148 feet deep with a total lot size of 31,419 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 $1.2 million. The most recent loan totaled $51.3 million and was provided by UMB Bank on May 13, 2022.

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 $5,000 in ECB penalties and $5,000 in OATH penalties in the last year.

The neighborhood

In Westchester Square, The bulk, or 30 percent of the 5.3 million square feet of commercial built space are walkup buildings, with office buildings next occupying 18 percent of the space. In sales, Westchester Square has the 26th highest sale turnover among other neighborhoods in Bronx with $38.2 million in sales volume in the last two years. For development, Westchester Square has had very little major development activity relative to other neighborhoods.It had 253,541 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 17,163 square feet of the 28,471 square feet. The two identified owners are Foremost Real Estate and Cement Masons Local 780 Holding Corp..
On the tax block, there was one new building construction project filed totaling 34,375 square feet. It is a 18-unit, 34,375 square-foot hotel/dormitory/shelter (R-1) building submitted by Foremost Real Estate and filed by Dan Shavolian with plans filed August 18, 2020 and permitted December 1, 2022.

The majority, or 100 percent of the 28,471 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Foremost Real Estate owned at least one commercial property with 18 residential units in New York City with 10,920 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio has $112.3 million in debt, borrowed from Bank of America and UMB Bank. The portfolio consists of at least a single industrial property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Care For The Homeless owned at least one commercial property with 120 residential units in New York City with 38,961 square feet and a city-determined market value of $8.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Manhattan.

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