Discount store owner pays $7M for three properties in Soundview

The owner of AAA Wholesale Cash and Carry through the entity 1128 Bronx One, Inc. paid $7 million to Philip Schwartz, Hal Schwartz, and Jeffrey Schwartz through the entity Donfel HJ LLC for two industrial buildings (E1) at 1120-1130 Close Avenue and an adjacent vacant lot at 1117 Colgate Avenue, all in Soundview, Bronx. The expected use is owner-occupied.
The deal closed on November 19, 2025 and was recorded on December 3, 2025. The three properties have 17,500 square feet of built space and 25,482 square feet of additional air rights for a total buildable of 42,982 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $397 and the price per buildable square foot is $161 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 Philip Schwartz , Hal Schwartz, and Jeffrey Schwartz 2 was Philip Schwartz, Hal Schwartz, and Jeffrey Schwartz 2. The signatory for AAA Wholesale Cash and Carry was Yasser Almontaser . The contract date was November 17, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer AAA Wholesale Cash and Carry had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Philip Schwartz had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, two with a total of 17,500 square feet of built space generated revenue of $308,992 per year.

The property

The industrial building in Soundview has 17,500 square feet of built space and 25,482 square feet of additional air rights for a total buildable of 42,982 square feet according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $799,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 Soundview, The majority, or 60 percent of the 21.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Soundview has had very little sales volume relative to other neighborhoods with $140 million in sales volume in the last two years. For development, Soundview is the 10th most active neighborhood among other neighborhoods. It had 6 million square feet of commercial and multi-family construction under development in the last two years, which represents 28 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 70,642 square feet of built space are industrial buildings, with retail buildings next occupying 11 percent of the space.

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