Durgaj Properties, Balfin Group pay $22.5M for Belmont dev site with 370 units planned

Durgaj Properties and Balfin Group paid a total of $22.5 million for a Belmont, Bronx, development site with 370 units planned for four tax lots. They partners bought the parcels in four separate transactions from two sellers.

Durgaj Properties and Balfin Group are taking over four projects Bridge Asset Management filed for the site, a former city parking lot. The projects are the 98-unit X01359471 at 2502 Cambreleng Avenue; the 98-unit X01358456 at 680 East Fordham Road; the 92-unit X01358459 at 690 East Fordham Road; and the 82-unit X01359460 at 2500 Cambreleng Avenue.

For three of the four purchase transactions, Durgaj Properties and Balfin Group through the entity 680 East Fordham Rd NY LLC, 690 East Fordham Rd LLC, and 2500 Cambreleng LLC paid a total of $21.95 million to Triangle Equities.
The deal closed on April 14, 2026 and was recorded on April 22, 2026.  (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 Triangle Equities was Evan Petracca . The signatories for Durgaj Properties and Balfin Group were Martin Mane and Paulin Durgaj. The contract date was July 16, 2025.

Durgaj Properties and Balfin Group bought 680 East Fordham Road from a separate seller for $550,000, in a deal that closed on December 11, 2025.

Prior sales, articles and revenue

The seller Triangle Equities had not purchased any other properties and sold three properties in two transactions for a total of $43.8 million over the same time period.

Transaction Participants

Aaron M. Stein at Stein Farkas & Schwartz, LLP participated in the transaction on behalf of the buyers.

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 block

On this tax block, PincusCo has identified the owners of seven of the 22 commercial properties representing 90,981 square feet of the 233,975 square feet. The largest owner is Brooklyn Standard Properties, followed by Shahin Daneshyar and then Sadhu Lall.
On the tax block, there were six new building construction projects totaling 386,993 square feet. The largest is a 145-unit, 99,202 square-foot residential (R-2) building submitted by Shahin Daneshvar with plans filed December 19, 2019 and permitted March 22, 2022. The second largest is a 98-unit, 65,187 square-foot residential (R-2) building submitted by Bridge Asset Management and filed by Hen Vaknin with plans filed February 11, 2026 and it has not been permitted yet.

The majority, or 67 percent of the 233,975 square feet of built space are walkup buildings, with office buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Triangle Equities owned at least eight commercial properties in New York City with 709,193 square feet and a city-determined market value of $429.1 million. (Market value is typically about 50% of actual value.) The portfolio has $464 million in debt, with top three lenders as CIT Bank, LoanCore Capital, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 41 percent of the 709,193 square feet of built space are industrial properties, with specialty properties next occupying 33 percent of the space. The bulk, or 89 percent of the built space, is in Queens, with Bronx next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that Balfin Group owned at least three commercial properties with 51 residential units in New York City with 0 square feet and a city-determined market value of $31.5 million. (Market value is typically about 50% of actual value.)
The PincusCo database currently indicates that Durgaj Properties owned at least three commercial properties with 51 residential units in New York City with 0 square feet and a city-determined market value of $31.5 million. (Market value is typically about 50% of actual value.) The portfolio has $13.6 million in debt, borrowed from NorthEast Community Bank.

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