Eric Koch pays $6M to Mitchell Suss for hotel in Belmont

Eric Koch through the entity M.E. 27 LLC paid $6 million to Mitchell Suss through the entity M.H.J. Motel Corp. for the hotel building (H4) at 2500 Crotona Avenue in Belmont/Little Italy, Bronx.
The deal closed on May 29, 2025 and was recorded on June 5, 2025. The property has 20,000 square feet of built space and 78,996 square feet of additional air rights for a total buildable of 99,040 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $300 and the price per buildable square foot is $60 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 Mitchell Suss was Francis J. Malara. The signatory for Eric Koch was Eric Koch. The contract date was May 13, 2024. Francis J. Malara is the court receiver. Mitchell Suss signed the loans. The pre-foreclosure case was filed in 2023, 813714/2023E .The note holder won a judgment of foreclosure but the case was discontinued upon this sale prior to an auction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Eric Koch had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mitchell Suss 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 Mitch Suss, head officer and Chris Walsh, officer. The business entity is Mhj Motel Corp. The 20,000-square-foot property generated revenue of $1.4 million or $71 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Belmont/Little Italy has 20,000 square feet of built space and 78,996 square feet of additional air rights for a total buildable of 99,040 square feet according to a PincusCo analysis of city data. The parcel has frontage of 207 feet and is 158 feet deep with a total lot size of 23,581 square feet. The lot is irregular. The zoning is C4-5D which allows for up to 4.2 times floor area ratio (FAR) for commercial and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.4 million. The most recent loan totaled 0.0 and was provided by Dd Fb Notes LLC on September 26, 2023.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.5 million commercial foreclosure concerning a loan filed on September 7, 2023, by Suma Federal Credit Union against Mitchell Suss. In addition, according to city public data, the property has 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 Belmont/Little Italy, The bulk, or 43 percent of the 14.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Belmont/Little Italy has had very little sales volume relative to other neighborhoods with $91.3 million in sales volume in the last two years. For development, Belmont/Little Italy has had very little major development activity relative to other neighborhoods.It had 651,853 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 13 commercial properties representing 288,810 square feet of the 313,608 square feet. The largest owner is Phoenix Realty Group, followed by Mitchell Suss and then Leze Gazivoda.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 313,608 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Mitchell Suss owned at least one commercial property in New York City with 20,000 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Bronx.

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