Maddd Equities, Stagg Group pay $29.965M for dev site in Fordham Manor

Maddd Equities and Stagg Group paid $29.965 million to two sellers in two transactions for a development site in Fordham Manor, the Bronx, city records show.

The developers plan an 800,000 square foot project with more than 500 dormitory units and 485 units of affordable housing, according to The Real Deal.

In the first, Maddd Equities and Stagg Group through the entity South Bronx Development I LLC paid $21.2 million to Patricia Karetzky through the entity Bandry LLC for the mixed-use building (K4) at 2768 Webster Avenue in Fordham Manor, Bronx and property at 2752 Webster Avenue in Bronx. The expected use is ground up development.
The deal closed on April 16, 2025 and was recorded on May 8, 2025. The two properties have 7,500 square feet of built space and 169,780 square feet of additional air rights for a total buildable of 177,382 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,833 and the price per buildable square foot is $119 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 Patricia Karetzky was Patricia Karetzky. The signatory for Maddd Equities and Stagg Group was Jorge Madruga . The contract date was December 11, 2020. Patricia Karetzky is the daughter of wine merchant Moshe Eichenbaum, founder of North End Wine & Liquor, who originally bought the property.

In the second, Maddd Equities and Stagg Group through the entity South Bronx Development I LLC paid $8.7 million to Edward Nerenberg through the entity 2740 Webster Ave., LLC for the industrial building (G6) at 2740 Webster Avenue in Fordham Manor, Bronx and another property on Webster Avenue. The expected use is ground up development.
The deal closed on April 16, 2025 and was recorded on May 8, 2025. The two properties have zero square feet of built space and 91,270 square feet of additional air rights for a total buildable of 91,270 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $95 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 Edward Nerenberg was Edward L. Nerenberg . The signatory for Maddd Equities and Stagg Group was Jorge Madruga . The contract date was January 7, 2020. Edward Nerenberg bought the property from Moses Eichenbaum in January 1984.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Maddd Equities purchased eight properties in three transactions for a total of $28.7 million and sold two properties in one transaction for a total of $8.6 million over the past 24 months.
The seller Patricia Karetzky had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 7,500 square feet of built space generated revenue of $314,100 per 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 $104.1 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 780,333 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 2768 Webster Avenue, PincusCo has identified the owners of seven of the 40 commercial properties representing 1,917,149 square feet of the 2,650,324 square feet. The largest owner is Fordham University, followed by Douglaston Development and then Silber Investment Properties.
On the tax block, there were two new building construction projects totaling 318,778 square feet. The largest is a 279-unit, 209,821 square-foot residential (R-2) building submitted by Douglaston Development and filed by Russell Lang with plans filed October 24, 2022 and permitted December 31, 2024. The second largest is a 188-unit, 108,957 square-foot residential (R-2) building submitted by Douglaston Development and filed by Russell Lang with plans filed June 20, 2019 and permitted April 7, 2021.

The majority, or 78 percent of the 2.7 million square feet of built space are specialty buildings, with industrial buildings next occupying 10 percent of the space.

The buyer

The PincusCo database currently indicates that Stagg Group owned at least 168 commercial properties with 3,510 residential units in New York City with 2,461,318 square feet and a city-determined market value of $343.3 million. (Market value is typically about 50% of actual value.) The portfolio has $927.9 million in debt, with top three lenders as Berkadia Commercial Mortgage, NYC Housing Development Corporation, and Valley National Bank respectively. Within the portfolio, the bulk, or 78 percent of the 2,461,318 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. They are all located in Bronx.
The PincusCo database currently indicates that Maddd Equities owned at least 23 commercial properties with 1,098 residential units in New York City with 909,099 square feet and a city-determined market value of $196.1 million. (Market value is typically about 50% of actual value.) The portfolio has $318.6 million in debt, with top three lenders as NYC Housing Development Corporation, Sterling National Bank, and Lakeland Bank respectively. Within the portfolio, the bulk, or 38 percent of the 909,099 square feet of built space are office properties, with W3 properties next occupying 16 percent of the space. The bulk, or 64 percent of the built space, is in Bronx, with Manhattan next at 24 percent of the space.

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