Kenneth Yustman pays $3.2M for 26-unit walkup in Morris Heights

Kenneth Yustman through the entity 1801 Bronx Holding LLC paid $3.2 million to Tim Carruthers and Marian Cherrone through the entity 1801 University Associates, LLC for the 26-unit residential walkup building (C7) at 1801 University Avenue in Morris Heights, Bronx. The expected use is cash flowing.
The deal closed on April 29, 2026 and was recorded on May 15, 2026. The property has 32,600 square feet of built space and 1,280 square feet of additional air rights for a total buildable of 33,884 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $98 and the price per buildable square foot is $94 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 Tim Carruthers and Marian Cherrone was Timothy Carruthers and Marian Cherrone. The signatory for Kenneth Yustman was Kenneth Yustman. The contract date was February 9, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Kenneth Yustman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Tim Carruthers had not purchased any other properties and sold one property in one transaction for a total of $2.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Kenneth Yustman, head officer and Alex Yustman, officer. The business entity is 1801 University Associates Llc. The 32,600-square-foot property generated revenue of $598,140 or $18 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 26 residential units in Morris Heights has 32,600 square feet of built space and 1,280 square feet of additional air rights for a total buildable of 33,884 square feet according to a PincusCo analysis of city data. The parcel has frontage of 119 feet and is 104 feet deep with a total lot size of 9,850 square feet. The lot is irregular. 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 $2.1 million. The property has 27 rent regulated units according to city tax records from 2024.

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 $100 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 24 of the 46 commercial properties representing 932,080 square feet of the 1,413,828 square feet. The largest owner is Arker Companies, followed by Isaac Herskovitz and then Benzion Wachsman.
On the tax block, there were two new building construction projects totaling 13,107 square feet. The largest is a nine-unit, 6,891 square-foot residential (R-2) building submitted by Herman Jacob and filed by Herman Jacob with plans filed April 23, 2025 and permitted June 17, 2025. The second largest is a eight-unit, 6,216 square-foot residential (R-2) building submitted by Chuanjin Lin and filed by 1856 Phelan Property Ny Llc with plans filed February 19, 2026 and it has not been permitted yet.

The majority, or 53 percent of the 1.4 million square feet of built space are walkup buildings, with elevator buildings next occupying 42 percent of the space.

The buyer

The PincusCo database currently indicates that Kenneth Yustman owned at least one commercial property with 44 residential units in New York City with 45,600 square feet and a PincusCo-determined asset value of $5 million. The portfolio consists of at least a single walkup property.

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