Chestnut Holdings pays $13.4M to Morgan Group for four properties in Fordham

Chestnut Holdings through the entity Gc 192 LLC paid $13.4 million to Morgan Group through the entity Mandy Associates LLC for 26-unit rental (C1) at 2585 Grand Concourse in Fordham, Bronx, 27-unit rental (C1) at 2584 Creston Avenue in Fordham, Bronx, and 21-unit rental (C1) at 2593 Grand Concourse in Fordham, Bronx.
The deal closed on August 5, 2021 and was recorded on August 20, 2021.
The four properties have 74,510 square feet of built space and 47,683 square feet of additional air rights for a total buildable of 122,175 square feet according to PincusCo analysis of city data. The sale price per built square foot is $179 and the price per buildable 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 signatory for Morgan Group was Scott Morgan. The signatory for Chestnut Holdings was Jonathan Wiener.
One of the projects were to change the number of residential units from 0 to 27.
The former owners according to the Department of Housing Preservation and Development included Ryan Morgan, head officer and Scott Morgan, shareholder. The business entities were The Morgan Group Llc and Mandy Associated Llc.

Within a 400-foot radius of 2584 Creston Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Robert Rosenberg borrowed $6.4 million from Capital One to Fannie Mae secured by the 41,465-square-foot, 53-unit rental (C1) on 2600 Creston Avenue on April 6, 2020.

Direct link to Acris document. link