Chestnut Holdings pays $3.9M for retail in Longwood

Chestnut Holdings of New York through the entity Woody Peak 1 LLC paid $3.9 million to Ronald Gilbert through the entity Jebs 900 LLC for the retail building (K1) at 900 Southern Boulevard in Longwood, Bronx. The expected use is cash flowing.
The deal closed on September 30, 2025 and was recorded on October 8, 2025. The property has 8,327 square feet of built space and 26,100 square feet of additional air rights for a total buildable of 34,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $465 and the price per buildable square foot is $112 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 October 1, 2003, for $325,000. The signatory for Ronald Gilbert was Ronald Gilbert and Larry L. Adler . The signatory for Chestnut Holdings Of New York was Kovi Wiener . The contract date was July 8, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Chestnut Holdings of New York purchased seven properties in six transactions for a total of $48.6 million and sold two properties in two transactions for a total of $8.3 million over the past 24 months.
The seller Ronald Gilbert purchased one property in one transaction for a total of $4 million and sold five properties in four transactions for a total of $20.7 million over the same time period. The 8,327-square-foot property generated revenue of $318,614 or $38 per square foot, according to the most recent income and expense figures.

The property

The retail building in Longwood has 8,327 square feet of built space and 26,100 square feet of additional air rights for a total buildable of 34,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million.

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 $6,150 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 neighborhood

In Longwood, The bulk, or 44 percent of the 22.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Longwood has had very little sales volume relative to other neighborhoods with $110.1 million in sales volume in the last two years. For development, Longwood has 1.8 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Bronx. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 64,460 square feet of the 338,044 square feet. The two identified owners are Joel Werzberger and Ylli Alizoti.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 338,044 square feet of built space are elevator buildings, with retail buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Ronald Gilbert owned at least one commercial property in New York City with 20,812 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Chestnut Holdings Of New York owned at least 151 commercial properties with 6,595 residential units in New York City with 6,494,228 square feet and a city-determined market value of $447.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 6,494,228 square feet of built space are elevator properties, with walkup properties next occupying 37 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Manhattan next at 8 percent of the space.

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