Ellington Management Group acquires 18-unit walkup in Mott Haven through $2.9M deed-in-lieu

Ellington Management Group through the entity Epo3 Sbc Reo 1818357 LLC acquired through a $2.9 million deed-in-lieu of foreclosure from Pinchus Piller through the entity Willis Apartments LLC, the 18-unit residential walkup building (C7) at 386 East 139th Street in Mott Haven, Bronx. The expected use is hold for sale.
The deal closed on August 28, 2025 and was recorded on September 15, 2025. The property has 11,550 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $249 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 April 10, 2014, for $1.4 million. The signatory for Pinchus Piller was Pinchus Piller. The signatory for Ellington Management Group was Katherine Meagher . The contract date was August 11, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ellington Management Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pinchus Piller had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sol Piller, head officer and Julio Hernandez, site manager. The business entity is Willis Apartments, Llc. The 11,550-square-foot property generated revenue of $273,040 or $24 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 18 residential units in Mott Haven has 11,550 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1 million. Ellington Management Group on June 26, 2024 bought a loan with an original principal of from signed by Pinchus Piller, secured by 386 East 139th Street, when owned by Pinchus Piller. The property has 18 rent regulated units according to city tax records from 2020.

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 one DOB violation, 40 housing violations, and $1,680 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 17 of the 38 commercial properties representing 238,128 square feet of the 370,644 square feet. The largest owner is Abj Properties, followed by Son Dinh Tran and then Steve Zervoudis.
On the tax block, there were three new building construction projects totaling 67,423 square feet. The largest is a 59,901 square-foot educational (E) building submitted by Academic Leadership Charter School and filed by Norma Hurwitz with plans filed October 25, 2017 and permitted April 7, 2021. The second largest is a nine-unit, 7,462 square-foot residential (R-2) building submitted by Melani Perez and filed by Melani Perez with plans filed November 2, 2023 and it has not been permitted yet.

The majority, or 74 percent of the 370,644 square feet of built space are walkup buildings, with specialty buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Pinchus Piller owned at least one commercial property with 18 residential units in New York City with 11,550 square feet and a city-determined market value of $983,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

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