Lipa Engel pays $4.2M for dev site in Baychester, borrows $12.1M

Lipa Engel through the entity Lio Capitol Partners LLC paid $4.2 million to Andrew Weber through the entity E & A Bronx LLC for the retail building (K1) at 3377 Eastchester Road in Baychester, Bronx. The expected use is ground up development.

On the lot, there is one active new building construction project, X01297411, for a 64-unit, 41,252 square-foot residential (R-2) building. The project was submitted by Sruli Tishler and filed by Sruli Tishler with plans filed October 5, 2025 and permitted June 24, 2026.
The deal closed on June 15, 2026 and was recorded on June 25, 2026. The sale price per planned development square foot is $102 per the PincusCo analysis.
The seller bought the property on August 22, 2018, for $7.8 million. The signatory for Andrew Weber was Andrew Weber. The signatory for Lipa Engel was Lipa Engel. The contract date was August 20, 2025.

To finance construction, Lipa Engel through the entity Lio Capitol Partners LLC as borrower signed a new construction loan with lender AccoLend through the entity Accoland LLC valued at $12.1 million for the development project.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Lipa Engel purchased two properties in two transactions for a total of $7.9 million and has no record it sold any properties over the past 24 months.
The seller Andrew Weber had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Baychester has 3,339 square feet of built space and 11,701 square feet of additional air rights for a total buildable of 15,001 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,001 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 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 $50 in OATH penalties in the last year.

The neighborhood

In Baychester, The bulk, or 39 percent of the 1.5 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 28 percent of the space. In sales, Baychester has the 41st highest sale turnover among other neighborhoods in Bronx with $13.5 million in sales volume in the last two years. For development, Baychester has had very little major development activity relative to other neighborhoods.It had 190,729 square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 11,589 square feet of the 11,589 square feet. The identified owner is Wharton Properties .
On the tax block, there was one new building construction project filed totaling 37,292 square feet. It is a 64-unit, 37,292 square-foot residential (R-2) building submitted by Sruli Tishler and filed by Sruli Tishler with plans filed October 5, 2025 and permitted June 24, 2026.

All properties are retail.

The seller

The PincusCo database currently indicates that Andrew Weber owned at least 10 commercial properties with 115 residential units in New York City with 124,581 square feet and a PincusCo-determined asset value of $27.7 million. The portfolio has $4.5 million in debt, borrowed from Popular Bank . Within the portfolio, the bulk, or 56 percent of the 124,581 square feet of built space are walkup properties, with elevator properties next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Lipa Engel owned at least three commercial properties with 29 residential units in New York City with 25,225 square feet and a PincusCo-determined asset value of $22.7 million. The portfolio has $14.2 million in debt, borrowed from Arion Fund and AccoLend. Within the portfolio, the bulk, or 52 percent of the 25,225 square feet of built space are mixed-use properties, with office properties next occupying 47 percent of the space. The bulk, or 47 percent of the built space, is in Brooklyn, with Bronx next at 31 percent of the space.

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