Jack Terzi’s JTRE pays $13.5M for Fordham Manor retail, down from $34.6M in 2014

JTRE through the entity Fordham Prop Co, LLC paid $13.5 million to Harbor Group International through the entity Dg Fordham, LLC for the retail building (K2) at 320 East Kingsbridge Road and the retail building (K2) at 305 East Fordham Road, both in Fordham Manor, the Bronx. The expected use is cash flowing.
The deal closed on May 29, 2026 and was recorded on June 3, 2026. The two properties have 30,231 square feet of built space and 23,699 square feet of additional air rights for a total buildable of 53,932 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $446 and the price per buildable square foot is $250 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 Harbor Group International was T. Richard Litton . The signatory for JTRE was Jack Terzi . The contract date was April 7, 2026.

Harbor Group International bought the two properties in 2014 from Jackson Group for $34.6 million.

JLL’s Ethan Stanton, Michael Mazzara, Brendan Maddigan and Hall Oster, brokered the sale representing the seller.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer JTRE had purchased any other properties and sold one property in one transaction for a total of $2.2 million over the past 24 months.
The seller Harbor Group International had not purchased any other properties and sold two properties in one transaction for a total of $12.5 million over the same time period. The two properties with a total of 30,231 square feet of built space generated revenue of $3.1 million per year or $103 per square foot. The sale price per square foot was $447.

The property

The retail buildings in Fordham Manor has 30,231 square feet of built space and 23,699 square feet of additional air rights for a total buildable of 53,932 square feet according to a PincusCo analysis of city data. One of the parcels has frontage of 95 feet and is 49 feet deep with a total lot size of 11,184 square feet. The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $13.8 million.

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 $1,630 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 Fordham Manor, The bulk, or 35 percent of the 18.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $193.9 million in sales volume in the last two years. For development, Fordham Manor has 1.2 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Bronx. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There were 108 pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 320 East Kingsbridge Rd, PincusCo has identified the owners of 12 of the 19 commercial properties representing 372,885 square feet of the 615,636 square feet. The largest owner is Jenel Management, followed by Harbor Group International and then Steven Chera.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 615,636 square feet of built space are walkup buildings, with retail buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Harbor Group International owned at least five commercial properties with 193 residential units in New York City with 1,281,203 square feet and a PincusCo-determined asset value of $988.8 million. The portfolio has $791.8 million in debt, with top three lenders as Goldman Sachs, AIG, and New York Community Bank respectively. Within the portfolio, the bulk, or 87 percent of the 1,281,203 square feet of built space are office properties, with elevator properties next occupying 10 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that JTRE owned at least six commercial properties in New York City with 222,651 square feet and a PincusCo-determined asset value of $118.8 million. Within the portfolio, the bulk, or 91 percent of the 222,651 square feet of built space are condo properties, with office properties next occupying 4 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.

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