Israel Hirsch, Chayim Rosenfeld pay $2.3M for dev site in East Morrisania

Israel Hirsch and Chayim Rosenfeld through the entity 1718 Crotona LLC paid $2.3 million for a development site at 1718 Crotona Park East in East Morrisania, Bronx. The expected use is ground up development.

On the lot, there is one active new building construction project, X01225221, for a 73-unit, 34,959 square-foot R-2 building. The project was submitted by Grun Group and filed by Yonah Grunhut with plans filed May 15, 2025 and it has not been permitted yet.
The deal closed on June 16, 2025 and was recorded on June 26, 2025. The property has 4,524 square feet of built space and 18,570 square feet of additional air rights for a total buildable of 23,061 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $513 and the price per buildable square foot is $100 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 Eugene Richardson was Eugene Richardson. The signatory for Israel Hirsch and Chayim Rosenfeld was Israel Hirsch, who also signs his name Isreal Chaim Hirsch, and Chayim Rosenfeld. The contract date was July 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Israel Hirsch had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eugene Richardson 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 Richardson Eugene, joint owner and Richardson Katherine, joint owner.

The property

The 1-4 family building with 3 residential units in East Morrisania has 4,524 square feet of built space and 18,570 square feet of additional air rights for a total buildable of 23,061 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 134 feet deep with a total lot size of 6,704 square feet. 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 $1.1 million.

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 $130 in OATH penalties in the last year.

Development

The block

On this tax block, PincusCo has identified the owners of 10 of the 19 commercial properties representing 497,606 square feet of the 727,834 square feet. The largest owner is Mbd Community Housing Corp, followed by Morrisania Revitalization Corp and then Peter J. Volandes.
On the tax block, there was one new building construction project filed totaling 34,959 square feet. It is a 73-unit, 34,959 square-foot residential (R-2) building submitted by Grun Group and filed by Yonah Grunhut with plans filed May 15, 2025 and it has not been permitted yet.

The majority, or 71 percent of the 727,834 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Chayim Rosenfeld owned at least five commercial properties with 80 residential units in New York City with 73,143 square feet and a city-determined market value of $6.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 73,143 square feet of built space are industrial properties, with C0 properties next occupying 6 percent of the space. The bulk, or 53 percent of the built space, is in Bronx, with Brooklyn next at 47 percent of the space.
The PincusCo database currently indicates that Israel Hirsch owned at least one commercial property with three residential units in New York City with 4,524 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C0 property. It is located in Bronx.

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