Heritage Affordable Communities pays $8M for three Bronx rentals

Alexander Hajibay’s Heritage Affordable Communities through the entity Hat Partners LLC paid $8 million to Comunilife through the entity Crotona Avenue Associates, L.P. for the 84-unit residential elevator building (D9) at 950 Jennings Street in East Morrisania, Bronx, the 86-unit residential elevator building (D3) at 2130 Crotona Avenue in Belmont, Bronx, and the 72-unit residential elevator building (D3) at 2111 Hughes Avenue in Belmont, Bronx.
The deal closed on May 8, 2024 and was recorded on May 13, 2024. The three properties have 221,540 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $36 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 Comunilife was Michael O’Donnell. The signatory for Heritage Affordable Communities was Alexander Hajibay. The contract date was May 8, 2024. This is for affordable housing.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2130 Crotona Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Heritage Affordable Communities purchased one property in one transaction for a total of $6.3 million and has no record it sold any properties over the past 24 months.
The seller Comunilife 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 Michael O’Donnell, head officer and Heng Ly, officer. The business entities are Fordham Bedford Housing Corp and Crotona Avenue Associates, Lp.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received seven DOB violations, $6,250 in ECB penalties, 308 housing violations, $9,350 in OATH penalties, and two housing litigations 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

There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 67,247 square feet of built space are elevator buildings, with mixed-use buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Comunilife owned at least three commercial properties with 237 residential units in New York City with 140,194 square feet and a city-determined market value of $15.2 million. (Market value is typically about 50% of actual value.) The portfolio has $105.9 million in debt, with top three lenders as NYS Housing Finance Agency, Webster Bank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 66 percent of the 140,194 square feet of built space are elevator properties, with specialty properties next occupying 34 percent of the space. The bulk, or 66 percent of the built space, is in Bronx, with Brooklyn next at 34 percent of the space.

The buyer

The PincusCo database currently indicates that Heritage Affordable Communities owned at least three commercial properties with 164 residential units in New York City with 180,942 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) The portfolio has $19.8 million in debt, with top three lenders as Berkadia Commercial Mortgage, NYC Housing Development Corporation, and Greystone & Co. respectively. Within the portfolio, all identified are elevator properties. The bulk, or 79 percent of the built space, is in Bronx, with Manhattan next at 21 percent of the space.

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