Maddd Equities, partners, pay $8M for office in Fordham Manor

Maddd Equities through the entity Eloisa 3 LLC paid $8 million to Matthew Bloomfield through the entity 57 Holding Co. LLC for the office building (O7) at 2532 Grand Concourse in Fordham Manor, Bronx.
The deal closed on January 15, 2025 and was recorded on January 23, 2025. The property has 50,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $159 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 Matthew Bloomfield was Matthew Bloomfield. The signatory for Maddd Equities was Jorge Madruga. Other partners on the deal include Joy Construction’s Eli Weiss, as an individual. The contract date was October 1, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Maddd Equities purchased 10 properties in four transactions for a total of $68.8 million and sold two properties in one transaction for a total of $8.6 million over the past 24 months.
The seller Matthew Bloomfield had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Fordham Manor has 50,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 square feet. 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 $8.5 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 not received any significant violations 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 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 $88 million in sales volume in the last two years. For development, Fordham Manor has had very little major development activity relative to other neighborhoods.It had 337,570 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 11 of the 19 commercial properties representing 322,885 square feet of the 615,636 square feet. The largest owner is Jenel Management, followed by Harbor Group and then Yousef Althkefati.
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 buyer

The PincusCo database currently indicates that Maddd Equities owned at least 22 commercial properties with 1,098 residential units in New York City with 859,099 square feet and a city-determined market value of $187.7 million. (Market value is typically about 50% of actual value.) The portfolio has $313.6 million in debt, with top three lenders as NYC Housing Development Corporation, Sterling National Bank, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 35 percent of the 859,099 square feet of built space are office properties, with W3 properties next occupying 17 percent of the space. The bulk, or 62 percent of the built space, is in Bronx, with Manhattan next at 25 percent of the space.

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