Cedarbridge Management pays $4.1M to Esquire Bank for 84-unit walkup in Soundview

Cedarbridge Management through the entity Tyh Wheeler LLC paid $4.1 million through a REO transaction to Esquire Bank through the entity DPC Holdings II LLC for the 84-unit residential walkup building (C9) at 1050 Wheeler Avenue in Soundview, Bronx. The expected use is cash flowing.
The deal closed on March 31, 2026 and was recorded on April 16, 2026. The property has 66,000 square feet of built space and 31,200 square feet of additional air rights for a total buildable of 97,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $61 and the price per buildable square foot is $41 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 July 8, 2020, for $9.3 million. The signatory for Esquire Bank was Frank Lonardo. The signatory for Cedarbridge Management was Moshe Greenzweig . The contract date was March 31, 2026. Mendel Kaff, on the same day, through a deed-in-lieu of foreclosure, turned the property over to his lender, Esquire Bank.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Cedarbridge Management purchased one property in one transaction for a total of $3.2 million and has no record it sold any properties over the past 24 months.
The seller Esquire Bank 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 Wheeler Housing, head officer and David Kornitzer, agent. The business entities are Clemens Capital Partners and Wheeler Housing Llc.

The property

The residential walkup building with 84 residential units in Soundview has 66,000 square feet of built space and 31,200 square feet of additional air rights for a total buildable of 97,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 400 feet and is 100 feet deep with a total lot size of 40,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 million. The property has 60 rent regulated units according to city tax records from 2024.

Transaction Participants

Malka Alpert at Bar Law Group LLP participated in the transaction on behalf of the buyer.

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 one DOB violation, $18,750 in ECB penalties, 70 housing violations, $21,800 in OATH penalties, and six housing litigations in the last year.

Development

On the lot, there is one active major alteration construction project, 210182087, for a 100-unit, 80,905 square-foot R-2 building. The project was submitted by David Kornitzer with plans filed October 20, 2020 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 75,720 square feet of the 202,284 square feet. The largest owner is Mendel Kaff, followed by Oraliz Aguero and then Renaissance Realty Group.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 202,284 square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

The buyer

The PincusCo database currently indicates that Cedarbridge Management owned at least six commercial properties with 149 residential units in New York City with 165,563 square feet and a city-determined market value of $11.5 million. (Market value is typically about 50% of actual value.) The portfolio has $17.8 million in debt, borrowed from Signature Bank and IceCap Group. Within the portfolio, the bulk, or 82 percent of the 165,563 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 1 percent of the space.

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