Chestnut Holdings pays $2.5M to Milbrook Properties for 29-unit walkup in Fordham Heights

Chestnut Holdings of New York through the entity 2387 Morris LLC paid $2.5 million to Milbrook Properties through the entity R.V. Properties LLC for the 29-unit residential walkup building (C7) at 2387 Morris Avenue in Fordham Heights, Bronx. The expected use is cash flowing.
The deal closed on May 1, 2026 and was recorded on May 14, 2026. The property has 35,429 square feet of built space and 4,887 square feet of additional air rights for a total buildable of 40,303 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $71 and the price per buildable square foot is $63 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 Milbrook Properties was Charles Hirsch . The signatory for Chestnut Holdings of New York was Anthony Simari . The contract date was March 6, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Chestnut Holdings of New York purchased five properties in four transactions for a total of $20.7 million and sold two properties in two transactions for a total of $8.3 million over the past 24 months.
The seller Milbrook Properties had not purchased any other properties and sold two properties in two transactions for a total of $10 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rubin Pikus, head officer and Charles Hirsch, agent. The business entities are Milbrook Properties Ltd and R.V. Properties Llc. The 35,429-square-foot property generated revenue of $666,016 or $19 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 29 residential units in Fordham Heights has 35,429 square feet of built space and 4,887 square feet of additional air rights for a total buildable of 40,303 square feet according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 95 feet deep with a total lot size of 6,695 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 million. The property has 29 rent regulated units according to city tax records from 2024.

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 $100 in OATH penalties 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 block

On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 147,291 square feet of the 389,474 square feet. The largest owner is Khaled Ashmawy, followed by Agron Osmani and then Sol Zalman.
On the tax block, there was one new building construction project filed totaling 12,432 square feet. It is a 23-unit, 12,432 square-foot residential (R-2) building submitted by Kristjan Marashi and filed by Kristjan Marashi with plans filed February 4, 2026 and it has not been permitted yet.

The majority, or 83 percent of the 389,474 square feet of built space are walkup buildings, with mixed-use buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Milbrook Properties owned at least five commercial properties with 187 residential units in New York City with 220,114 square feet and a PincusCo-determined asset value of $52.9 million. The portfolio has $5 million in debt, borrowed from Symetra Life Insurance Company. Within the portfolio, the bulk, or 47 percent of the 220,114 square feet of built space are elevator properties, with walkup properties next occupying 45 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that Chestnut Holdings Of New York owned at least 152 commercial properties with 6,519 residential units in New York City with 6,458,338 square feet and a PincusCo-determined asset value of $868.3 million. Within the portfolio, the bulk, or 61 percent of the 6,458,338 square feet of built space are elevator properties, with walkup properties next occupying 37 percent of the space. The bulk, or 84 percent of the built space, is in Bronx, with Manhattan next at 8 percent of the space.

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