Jacob Schwimmer signs $50.3M ground lease with Haven Capital at 215-unit elevator building in Mott Haven

260-298 Grand Concourse (Credit: Google)

Jacob Schwimmer signed a ground lease as tenant valued at $50.3 million with landlord Haven Capital through the entity Haven Propco I Grand Concourse LLC for the midblock 215-unit residential elevator building at 260-298 Grand Concourse in Mott Haven, Bronx. This is the the second part of a two-part fee sale and groundlease transaction. PincusCo was the first to report on the fee sale to Haven Capital for $50 million earlier this month.
The deal closed on February 25, 2022 and was recorded on March 25, 2022. The property has 194,341 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $258 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 Haven Capital was Joseph Shanley. The signatory for GC Capital Group was Jacob Schwimmer. This is the second half of a fee sale and ground lease buy-back agreement. The Real Deal reported that Helen Hwang of Meridian Capital Group arranged the sale of the fee. 

Prior sales and revenue

The seller Haven Capital purchased one properties in one transactions for a total of $50 million and had not sold any properties over the same time period.

The property

The 260-298 Grand Concourse parcel has frontage of 142 feet and is 90 feet deep with a total lot size of 27,916 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.4 million.The most recent loan totaled $54 million and was provided by Spruce Capital on November 6, 2020.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received three DOB violations, $3,750 in ECB penalties, and $3,750 in OATH penalties in the last year.


On these lots, there is one active new building construction project for a 215-unit, 150,562-square-foot R-2 building. The project was developed by Jacob Schwimmer with plans filed February 12, 2019 and permitted July 27, 2020.

The neighborhood

In Mott Haven, the bulk, or 38 percent of the 43.4 million square feet of commercial built space are residential elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2.7 times the average sales volume among other neighborhoods with $744 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 7th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 217,410 square feet of the 287,540 square feet. The largest owner is Haven Capital, followed by Josue Velazquez and then Atlantic Development Group. There are four active new building construction projects totaling 804,046 square feet. The largest is a 151-unit, 213,163-square-foot R-2 building developed by Simon Kaufman with plans filed March 28, 2019 and permitted June 11, 2021. The second largest is a 150-unit, 213,163-square-foot R-2 building developed by Simon Kaufman with plans filed March 28, 2019 and permitted August 30, 2021.

the majority, or 67 percent of the 290,696 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 14 percent of the space.



Within a 400-foot radius of 260-298 Grand Concourse, Pincusco identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, four were in new building development. There were two new building permit applications and two new building permits. The most recent of these four items was a filing on February 28, 2022 for a 192,026-square-foot R-2 building with 240 residential units at 315 Grand Concourse.
One of those 11 items was a sale which Beitel Group bought the 20,480-square-foot, one-unit industrial (F4) on 261 Grand Concourse for $9 million from Nora O’Donoghue on August 25, 2020.
Of those 11 items, six were loans above $5 million totaling $156.8 million. The most recent of the six was Simon Kaufman which borrowed $44 million from BridgeCity Capital secured by the 0-square-foot development site (V1) on 310 Grand Concourse on August 20, 2021.

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