Changaz, Sahmanovik pay $3.8M to Finkelstein Timberger for 39-unit rental in Unionport

David Changaz and Denis Sahmanovik through the entity 2104 Cross Bronx LLC paid $3.8 million to Finkelstein Timberger East Real Estate through the entity 2104 Ashley’S Cross LLC for the 39-unit residential elevator building (D1) at 2104 Cross Bronx Expressway in Unionport, Bronx. The expected use is cash flowing.
The deal closed on May 30, 2025 and was recorded on June 5, 2025. The property has 34,815 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $109 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 June 1, 2022, for $4.7 million. The signatory for Finkelstein Timberger East Real Estate was Richard Timberger. The signatory for David Changaz and Denis Sahmanovik was David Changaz. The contract date was December 31, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer David Changaz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Finkelstein Timberger East Real Estate 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 Steven Finkelstein, head officer and Richard Timberger, officer. The business entity is 2104 Ashley’S Cross Llc. The 34,815-square-foot property generated revenue of $736,962 or $21 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 39 residential units in Unionport has 34,815 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 112 feet and is 103 feet deep with a total lot size of 7,600 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2018 and expires in 2052. The city-designated market value for the property in 2022 is $2.6 million. The most recent loan totaled $5.1 million and was provided by M&T Bank on August 26, 2019. The property has 39 rent regulated units according to city tax records from 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 59 housing violations, $125 in OATH penalties, and one housing litigation in the last year.

Development

On the lot, there is one active new building construction project, 220516172, for a two-unit, 8,902 square-foot R-3 building. The project was submitted by Ruksana Begum with plans filed February 10, 2016 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 36,660 square feet of the 51,768 square feet. The two identified owners are Finkelstein Timberger East Real Estate and Sunoco Retail.
On the tax block, there were four new building construction projects totaling 35,608 square feet. The largest is a two-unit, 8,902 square-foot residential (R-3) building submitted by Ruksana Begum with plans filed February 10, 2016 and it has not been permitted yet. The second largest is a three-unit, 8,902 square-foot residential (R-2) building submitted by Ruksana Begum with plans filed February 10, 2016 and it has not been permitted yet.

The majority, or 67 percent of the 51,768 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Finkelstein Timberger East Real Estate owned at least 72 commercial properties with 4,163 residential units in New York City with 4,193,809 square feet and a city-determined market value of $260.9 million. (Market value is typically about 50% of actual value.) The portfolio has $497.9 million in debt, with top three lenders as Morgan Stanley, Prudential Financial, and Investors Bank respectively. Within the portfolio, the bulk, or 70 percent of the 4,193,809 square feet of built space are elevator properties, with walkup properties next occupying 26 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Denis Sahmanovik owned at least one commercial property with 10 residential units in New York City with 9,575 square feet and a city-determined market value of $827,000. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from Emerald Creek Capital. The portfolio consists of at least a single elevator property. It is located in Queens.

Direct link to Acris document. link