Community Access pays $25M to Irgang Group for 291-unit dev site in Concourse

Community Access through the entity 1185 River Avenue Housing Development Fund Corp paid $25 million to Irgang Group through the entity 1185 River Avenue LLC for the development site, currently a vacant lot (G6) at 1185 River Avenue in Concourse, Bronx. The expected use is ground up development. The filings in city property records state the building will be 291 units, while the latest Department of Buildings records show 276 units.

On the lot, there is one active new building construction project, X00871979, for a 276-unit, 217,656 square-foot R-2 building. The project was submitted by Community Access and filed by Christopher Lacovara with plans filed May 15, 2023 and it has not been permitted yet.
The deal closed on October 28, 2025 and was recorded on November 18, 2025. The property has zero square feet of built space and 203,040 square feet of additional air rights for a total buildable of 203,040 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $123 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 4, 2003, for $800,000. The signatory for Irgang Group was Mark Irgang . The signatory for Community Access was Carolyn Hedigan . The contract date was October 28, 2025. For the 291 unit project, all units will be rented for residents with incomes under 80% AMI.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Community Access purchased four properties in four transactions for a total of $62 million and sold three properties in three transactions for a total of $8.8 million over the past 24 months.
The seller Irgang Group had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 200 feet and is 135 feet deep with a total lot size of 27,000 square feet. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $477,000.

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 not received any significant violations in the last year.

The neighborhood

In Concourse, The bulk, or 46 percent of the 13.4 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 16 percent of the space. In sales, Concourse has had very little sales volume relative to other neighborhoods with $86.5 million in sales volume in the last two years. For development, Concourse has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the seven commercial properties representing 329,308 square feet of the 329,308 square feet. The largest owner is Chestnut Holdings Of New York, followed by Jonathan Wiener and then Finkelstein Timberger East Real Estate.
On the tax block, there were two new building construction projects totaling 418,792 square feet. The largest is a 276-unit, 217,656 square-foot residential (R-2) building submitted by Community Access and filed by Christopher Lacovara with plans filed May 15, 2023 and it has not been permitted yet. The second largest is a 245-unit, 201,136 square-foot residential (R-2) building submitted by Community Access, Inc. and filed by Christopher Lacovara with plans filed February 19, 2019 and permitted August 12, 2020.

The majority, or 82 percent of the 329,308 square feet of built space are elevator buildings, with walkup buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Irgang Group owned at least 10 commercial properties with 67 residential units in New York City with 152,669 square feet and a city-determined market value of $20.2 million. (Market value is typically about 50% of actual value.) The portfolio has $125.9 million in debt, with top three lenders as Dwight Capital, JPMorgan Chase, and Webster Bank respectively. Within the portfolio, the bulk, or 34 percent of the 152,669 square feet of built space are elevator properties, with mixed-use properties next occupying 32 percent of the space. The bulk, or 83 percent of the built space, is in Bronx, with Manhattan next at 17 percent of the space.

The buyer

The PincusCo database currently indicates that Community Access owned at least 18 commercial properties with 426 residential units in New York City with 173,746 square feet and a city-determined market value of $21.1 million. (Market value is typically about 50% of actual value.) The portfolio has $83.4 million in debt, borrowed from NYS Housing Finance Agency and NYC Department of Housing Preservation and Development. Within the portfolio, the bulk, or 89 percent of the 173,746 square feet of built space are elevator properties, with M1 properties next occupying 11 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Manhattan next at 11 percent of the space.

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