MZS Realty pays $4.6M to Monarch Realty for dev site in Mt Eden

MZS Realty through the entity Cromwood Tower LLC paid $4.6 million to Monarch Realty Holdings through the entity Cromwell Avenue Investors LLC for the specialty building (Z9) at 1408 Cromwell Avenue in Mt Eden, Bronx. The expected use is ground up development.
The deal closed on February 28, 2025 and was recorded on March 11, 2025. The property has zero square feet of built space and 52,187 square feet of additional air rights for a total buildable of 52,187 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $88 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 seller bought the property on August 27, 2018, for $3.4 million. The signatory for Monarch Realty Holdings was Stephen Siminou . The signatory for MZS Realty was Shaya Seidenfeld . The contract date was July 8, 2024.

Traded NY reported on the sale but did not identify the buyer.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer MZS Realty purchased two properties in one transaction for a total of $2.2 million and has no record it sold any properties over the past 24 months.
The seller Monarch Realty Holdings purchased two properties in two transactions for a total of $14.4 million and sold five properties in five transactions for a total of $10.9 million over the same time period.

The property

The parcel has frontage of 50 feet and is 172 feet deep with a total lot size of 8,669 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $184,000.

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 Mt Eden, The majority, or 51 percent of the 10.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Mt Eden has had very little sales volume relative to other neighborhoods with $90.6 million in sales volume in the last two years. For development, Mt Eden has had very little major development activity relative to other neighborhoods.It had 673,949 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 18 commercial properties representing 126,770 square feet of the 457,235 square feet. The largest owner is Rajive Maret, followed by Atlantic Development Group and then Family Life Academy Charter Schools.
On the tax block, there was one new building construction project filed totaling 63,225 square feet. It is a 63,225 square-foot educational (E) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed February 11, 2021 and permitted August 18, 2021.

The majority, or 53 percent of the 457,235 square feet of built space are industrial buildings, with walkup buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Monarch Realty Holdings owned at least 10 commercial properties with 206 residential units in New York City with 185,530 square feet and a city-determined market value of $33.3 million. (Market value is typically about 50% of actual value.) The portfolio has $53.9 million in debt, with top three lenders as Sterling National Bank, First National Bank of Long Island, and Webster Bank respectively. Within the portfolio, the bulk, or 48 percent of the 185,530 square feet of built space are walkup properties, with elevator properties next occupying 31 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that MZS Realty owned at least three commercial properties with 22 residential units in New York City with 19,516 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 19,516 square feet of built space are walkup properties, with C0 properties next occupying 37 percent of the space. They are all located in Bronx.

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