Mosaic Mental Health pays $3M to Jewish Board for building in Riverdale

Mosaic Mental Health paid $3 million to the Jewish Board of Family and Children’s Services for the specialty building (M9) at 521 West 239th Street in Riverdale, Bronx. The expected use is owner-occupied.
The deal closed on June 20, 2025 and was recorded on July 1, 2025. The property has 14,809 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $202 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 Jewish Board of Family and Children’s Services was Ellen Josem . The signatory for Mosaic Mental Health was Richard Conley and Roberta Solomon . The contract date was April 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mosaic Mental Health had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jewish Board of Family and Children’s Services had not purchased any other properties and sold two properties in one transaction for a total of $3 million over the same time period.

The property

The specialty building in Riverdale has 14,809 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 90 feet deep with a total lot size of 8,149 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4 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 Riverdale, The majority, or 73 percent of the 3.9 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 19 percent of the space. In sales, Riverdale has the 45th highest sale turnover among other neighborhoods in Bronx with $4.8 million in sales volume in the last two years. For development, Riverdale has had very little major development activity relative to other neighborhoods.It had 11,741 square feet of commercial and multi-family construction under development in the last two years, which represents 0.30 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 237,000 square feet of the 698,847 square feet. The identified owner is Weinreb Management.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 698,847 square feet of built space are elevator buildings, with office buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Jewish Board Of Family And Children’S Services owned at least three commercial properties with 118 residential units in New York City with 93,577 square feet and a city-determined market value of $30.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 93,577 square feet of built space are specialty properties, with elevator properties next occupying 37 percent of the space. The bulk, or 63 percent of the built space, is in Bronx, with Manhattan next at 37 percent of the space.

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