Moshe Greenzweig pays $18.2M to Related for 256 units in Bronx, down from $40.8M

Moshe Greenzweig of Cedarbridge Management paid $18.2 million to Related Companies for five residential rental buildings with a total of 256 units, in the Bronx in five transactions. Related Companies bought the properties in 2015 for a total of $40.8 million.

In the first, Moshe Greenzweig through the entity 4128-4130 Carpenter Owner LLC paid $3.8 million to Related Companies through the entity Nysandy12 Cbp7 LLC for the 52-unit residential walkup building (C1) at 4128-4130 Carpenter Avenue in Wakefield, Bronx. The expected use is cash flowing.
The deal closed on March 27, 2025 and was recorded on April 7, 2025. The property has 54,048 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $70 per the PincusCo analysis.

In the second, Moshe Greenzweig through the entity 4014-4016 Carpenter Owner LLC paid $3.7 million to Related Companies through the entity Nysandy12 Cbp5 LLC for the 51-unit residential walkup building (C1) at 4014-4016 Carpenter Avenue in Wakefield, Bronx. The expected use is cash flowing.
The deal closed on March 27, 2025 and was recorded on April 7, 2025. The property has 42,740 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $87 per the PincusCo analysis.

In the third, Moshe Greenzweig through the entity 4138-4140 Carpenter Owner LLC paid $3.7 million to Related Companies through the entity Nysandy12 Cbp7 LLC for the 52-unit residential walkup building (C1) at 4138-4140 Carpenter Avenue in Wakefield, Bronx. The expected use is cash flowing.
The deal closed on March 27, 2025 and was recorded on April 7, 2025. The property has 53,274 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $68 per the PincusCo analysis.

In the fourth, Moshe Greenzweig through the entity 4002-4004 Carpenter Owner LLC paid $3.5 million to Related Companies through the entity Nysandy12 Cbp5 LLC for the 52-unit residential walkup building (C1) at 4002-4004 Carpenter Avenue in Wakefield, Bronx. The expected use is cash flowing.
The deal closed on March 27, 2025 and was recorded on April 7, 2025. The property has 42,490 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $82 per the PincusCo analysis.

In the fifth, Moshe Greenzweig through the entity 3830 Bronx Owner LLC paid $3.5 million to Related Companies through the entity Nysandy12 Cbp8 LLC for the 49-unit residential elevator building (D1) at 3830 Bronx Blvd in Olinville, Bronx. The expected use is cash flowing.
The deal closed on March 27, 2025 and was recorded on April 7, 2025. The property has 53,844 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $64 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 Related Companies was Matthew Becker . The signatory for Moshe Greenzweig was Moshe Greenzweig. The contract date was February 6, 2025.

Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs brokered the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Moshe Greenzweig had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Related Companies purchased four properties in three transactions for a total of $649.3 million and sold 26 properties in 24 transactions for a total of $955.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Lynette Davis, agent. The business entities are Simply Better Apartment Homes and Nysandy12 Cbp7 LLC.

The property

The residential walkup building with 52 residential units in Wakefield has 54,048 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 114 feet and is 105 feet deep with a total lot size of 11,945 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.6 million. The property has 52 rent regulated units according to city tax records from 2023.

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 one DOB violation, $1,250 in ECB penalties, 81 housing violations, $2,300 in OATH penalties, and one housing litigation 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 block

On this tax block, PincusCo has identified the owners of four of the 18 commercial properties representing 162,030 square feet of the 277,645 square feet. The two identified owners are Related Companies and Shaya Seidenfeld.
On the tax block, there was one new building construction project filed totaling 16,655 square feet. It is a 25-unit, 16,655 square-foot residential (R-2) building submitted by Joel Brody with plans filed April 12, 2022 and permitted April 24, 2023.

The majority, or 74 percent of the 277,645 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Related Companies owned at least 171 commercial properties with 10,346 residential units in New York City with 22,470,863 square feet and a city-determined market value of $6.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $5.7 billion in debt, with top three lenders as Wells Fargo, Bank of America, and Pacific Life Insurance Company respectively. Within the portfolio, the bulk, or 42 percent of the 22,470,863 square feet of built space are elevator properties, with office properties next occupying 31 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Bronx next at 22 percent of the space.

The buyer

The PincusCo database currently indicates that Moshe Greenzweig owned at least 17 commercial properties with 595 residential units in New York City with 682,414 square feet and a city-determined market value of $44.2 million. (Market value is typically about 50% of actual value.) The portfolio has $56.7 million in debt, borrowed from New York Community Bank and Signature Bank. Within the portfolio, the bulk, or 69 percent of the 682,414 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. The bulk, or 64 percent of the built space, is in Brooklyn, with Queens next at 23 percent of the space.

Direct link to Acris document. link