Retail in Melrose sells for $3.8M

The entity 2899 Third Avenue Bronx LLC, with anonymous ownership, paid $3.8 million to Pauline Harari through the entity D.H. Realty Holdings, LLC for the retail building (K2) at 2899 3rd Avenue in Melrose, Bronx. The expected use is cash flowing.
The deal closed on January 30, 2026 and was recorded on February 5, 2026. The property has 6,600 square feet of built space and 3,447 square feet of additional air rights for a total buildable of 10,051 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $568 and the price per buildable square foot is $373 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 Pauline Harari was Pauline Harari. The signatory for 2899 Third Avenue Bronx LLC was an attorney, Edward J. Bullard Jr. . The contract date was July 24, 2025. Fred Harari bought the property in 1995, then it was transferred to David Harari in 1998.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pauline Harari had not purchased any other properties and had not sold any properties over the same time period. The 6,600-square-foot property generated revenue of $298,584 or $45 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Melrose has 6,600 square feet of built space and 3,447 square feet of additional air rights for a total buildable of 10,051 square feet according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 107 feet deep with a total lot size of 2,922 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 $1.3 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 Melrose, The majority, or 57 percent of the 8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 17 percent of the space. In sales, Melrose has the 31st highest sale turnover among other neighborhoods in Bronx with $34.8 million in sales volume in the last two years. For development, Melrose has had very little major development activity relative to other neighborhoods.It had 245,594 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 41 commercial properties representing 113,137 square feet of the 388,287 square feet. The largest owner is Bawabeh Brothers, followed by Achs Management and then Elysee Investment Company.
On the tax block, there were four new building construction projects totaling 81,899 square feet. The largest is a 53,198 square-foot educational (E) building submitted by Kiumarz Geula and filed by Kiumarz Geula with plans filed December 14, 2022 and permitted April 9, 2024. The second largest is a 28-unit, 15,768 square-foot residential (R-2) building submitted by Erenik Nezaj and filed by Erenik Nezaj with plans filed December 30, 2025 and it has not been permitted yet.

The majority, or 40 percent of the 388,287 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

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