Joseph Borenstein pays $12.39M to Jacob Shafran for two walkups in Bronx

Joseph Borenstein paid $12.39 million to Jacob Shafran for two walkup in the Bronx in two transactions.

In the first, Joseph Borenstein through the entity Crotona Park North Realty LLC paid $6.7 million to Jacob Shafran through the entity 59wa LLC for the 11-unit residential walkup building (C1) at 897 Crotona Park North in East Morrisania, Bronx. The expected use is cash flowing.
The deal closed on May 27, 2026 and was recorded on June 5, 2026. The property has 13,495 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $497 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 seller bought the property on October 31, 2023, for $3 million.

Joseph Borenstein through the entity Bronx Mount Hope LLC paid $5.7 million to Jacob Shafran through the entity 59wa LLC for the 54-unit residential walkup building (C5) at 14-16 Mount Hope Place in Mt Hope, Bronx. The expected use is cash flowing.
The deal closed on May 27, 2026 and was recorded on June 5, 2026. The property has 16,685 square feet of built space and 20,937 square feet of additional air rights for a total buildable of 37,625 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $340 and the price per buildable square foot is $150 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 seller bought the property on October 31, 2023, for $4 million.

The signatory for Jacob Shafran was Joseph Friedman . The signatory for Joseph Borenstein was Joseph Borenstein. The contract date was May 26, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Borenstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jacob Shafran had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Jacob Shafran, head officer. The business entity is Crotona Park North Realty LLC.

The property

The residential walkup building with 11 residential units in East Morrisania has 13,495 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 39 feet and is 96 feet deep with a total lot size of 3,808 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 $864,000.

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 one DOB violation and $200 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 block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 159,010 square feet of the 207,867 square feet. The largest owner is Aquinas Housing Corporation, followed by Lum Pelinkovic and then Joseph Friedman.
On the tax block, there were two new building construction projects totaling 25,374 square feet. The largest is a 23-unit, 13,484 square-foot residential (R-2) building submitted by Marinel Bunjaj and filed by Marinel Bunjaj with plans filed February 25, 2026 and it has not been permitted yet. The second largest is a eight-unit, 11,890 square-foot institutional (I-1) building submitted by Seth Coston with plans filed October 5, 2021 and permitted December 7, 2023.

The majority, or 84 percent of the 207,867 square feet of built space are walkup buildings, with elevator buildings next occupying 16 percent of the space.

Direct link to Acris document. link

Direct link to Acris document. link