Ellington Management Group acquires retail in Longwood at $6.2M transfer value

Ellington Management Group through the entity Epo3 Sbc REO 1818340 LLC acquired a ground sublease for the retail building (K1) at 642 Trinity Avenue in Longwood, Bronx, through a transaction that looks like a deed-in-lieu of foreclosure but was not identified as one. The transfer was taxed at $6.2 million. The seller was Moshe Rudich through the entity 642 Westchester Partners LLC  The expected use is hold for sale. Ellington Management Group was the former lender and was pursuing a commercial foreclosure alleging a loan with an original principal of $5.5 million was in default.
The transfer closed on May 8, 2026 and was recorded on May 19, 2026. The property has 20,207 square feet of built space and 49,385 square feet of additional air rights for a total buildable of 69,625 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $305 and the price per buildable square foot is $88 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 Moshe Rudich was Moshe Rudich. The signatory for Ellington Management Group was Katherine Meagher . This is a sale of parcel subject to a 30-year sublease signed in 2006 and expiring in 2036. It’s unclear who owns the fee and the master lease. The subleasehold property is subject to a state supreme court foreclosure action, 807106/2025E – Bronx County Supreme Court ELIZON DB TRANSFER AGENT LLC v. 642 Westchester Partners LLC et al which was active as of publication but likely is or will be terminated with this sale.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Ellington Management Group purchased one property in one transaction for a total of $2.9 million and has no record it sold any properties over the past 24 months.
The seller Moshe Rudich had not purchased any other properties and had not sold any properties over the same time period. The 20,207-square-foot property generated revenue of $243,270 or $12 per square foot, according to the most recent income and expense figures.

The property

The retail building in Longwood has 20,207 square feet of built space and 49,385 square feet of additional air rights for a total buildable of 69,625 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 208 feet deep with a total lot size of 20,240 square feet. The lot is irregular. 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 $1.9 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $5.5 million commercial foreclosure concerning a loan filed on March 27, 2025, by Ellington Management Group against Moshe Rudich. In addition, according to city public data, the property has received $1,050 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 $100.4 million in sales volume in the last two years. For development, Longwood has 2.3 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 3.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 17 of the 33 commercial properties representing 963,371 square feet of the 1,077,281 square feet. The largest owner is New York City Housing Authority, followed by Benzion Wachsman and then Shimshon Grunstein.
On the tax block, there were three new building construction projects totaling 78,921 square feet. The largest is a 79-unit, 46,212 square-foot residential (R-2) building submitted by Yosef Beer and filed by Yosef Beer with plans filed July 1, 2024 and permitted February 4, 2025. The second largest is a 25-unit, 26,564 square-foot residential (R-2) building submitted by Galaxy General Contracting and filed by Steve Zervoudis with plans filed June 4, 2015 and permitted January 13, 2017.

The majority, or 74 percent of the 1.1 million square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Moshe Rudich owned at least one commercial property in New York City with 20,207 square feet and a PincusCo-determined asset value of $3.2 million. The portfolio consists of at least a single retail property.

The buyer

The PincusCo database currently indicates that Ellington Management Group owned at least one commercial property with 18 residential units in New York City with 11,550 square feet and a PincusCo-determined asset value of $2.9 million. The portfolio consists of at least a single walkup property.

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