Nalcorp pays $21.7M to Altmark Group for 297-unit dev site in Mott Haven

Nalcorp through the entity 122 Blvd 134 St LLC paid $21.7 million to Altmark Group through the entity 122 Bruckner Development LLC for three adjacent tax lots in Mott Haven, the Bronx, where the buyer has filed plans for a total of 297 units in three projects. The parcels are the industrial building (G9) at 517 East 132nd Street, the industrial building (F5) at 519 East 132nd Street, and the specialty building (Z9) at 122 Bruckner Boulevard. The expected use is ground up development.
The deal closed on June 12, 2026 and was recorded on June 17, 2026. The three properties have 19,866 square feet of built space and 152,917 square feet of additional air rights for a total buildable of 172,774 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,092 and the price per buildable square foot is $125 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 Altmark Group was Adi Altmark . The signatory for Nalcorp was Anshel Fridman . The contract date was June 12, 2026.

In the first of the 99-unit projects, Nalcorp submitted a new building construction project for a 99-unit, 79,246 square-foot residential (R-2) building at 122 Bruckner Boulevard in Mott Haven, Bronx. The plan was filed with the New York City Department of Buildings on April 27, 2026 under job number X01338717. It calls for the construction of a 14-story building. The project is described in the filing as: assign to development hub – mpp 590 – proposed 14 story and cellar residential building.

In the second, Nalcorp submitted a new building construction project for a 99-unit, 78,137 square-foot residential (R-2) building at 20 Brook Avenue in Mott Haven, Bronx. The plan was filed with the New York City Department of Buildings on April 27, 2026 under job number X01338737. It calls for the construction of a 14-story building. The project is described in the filing as: assign to development hub – mpp 590 – proposed 14 story and cellar residential building.

In the third, Nalcorp submitted a new building construction project for a 99-unit, 95,886 square-foot residential (R-2) building at 521 East 132nd Street in Mott Haven, Bronx. The plan was filed with the New York City Department of Buildings on April 27, 2026 under job number X01338741. It calls for the construction of a 14-story building. The project is described in the filing as: assign to development hub – mpp 590 – proposed 14 story and cellar residential building.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Nalcorp purchased two properties in two transactions for a total of $8 million and has no record it sold any properties over the past 24 months.
The seller Altmark Group had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, two with a total of 19,866 square feet of built space generated revenue of $251,094 per year.

The property

The industrial building in Mott Haven has 19,866 square feet of built space and 152,917 square feet of additional air rights for a total buildable of 172,774 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is M1-5/R8A which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $952,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 253,269 square feet. The largest, X01338741, is a new building project for a 99-unit, 95,886 square-foot R-2 building submitted by Nalcorp and filed by Anshel Fridman with plans filed April 27, 2026 and it has not been permitted yet. The second largest, X01338717, is a new building project for a 99-unit, 79,246 square-foot R-2 building submitted by Nalcorp and filed by Anshel Fridman with plans filed April 27, 2026 and it has not been permitted yet.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $344 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2.4 times the average amount of major developments relative to other neighborhoods and is the highest in Bronx. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There were 87 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 517 East 132nd Street, PincusCo has identified the owners of nine of the 19 commercial properties representing 41,713 square feet of the 140,573 square feet. The largest owner is Jacob Schwimmer , followed by Altmark Group and then R.E. Property Group .
On the tax block, there were five new building construction projects totaling 748,506 square feet. The largest is a 447-unit, 318,084 square-foot residential (R-2) building submitted by Jacob Schwimmer and filed by Jacob Scwhimmer with plans filed December 22, 2021 and permitted January 31, 2023. The second largest is a 224-unit, 177,153 square-foot residential (R-2) building submitted by Isaac Feuerwerger and filed by Isaac Feuerwerger with plans filed September 26, 2019 and it has not been permitted yet.

The majority, or 85 percent of the 140,573 square feet of built space are industrial buildings, with walkup buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Altmark Group owned at least 15 commercial properties with 98 residential units in New York City with 478,297 square feet and a PincusCo-determined asset value of $127.6 million. The portfolio has $117.2 million in debt, with top three lenders as TriState Capital Bank , Dime Community Bank, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 55 percent of the 478,297 square feet of built space are industrial properties, with specialty properties next occupying 20 percent of the space. The bulk, or 98 percent of the built space, is in Bronx, with Manhattan next at 1 percent of the space.

The buyer

The PincusCo database currently indicates that Nalcorp owned at least nine commercial properties with 233 residential units in New York City with 94,703 square feet and a PincusCo-determined asset value of $167.1 million. The portfolio has $55.5 million in debt, with top three lenders as Valley National Bank , Bank of Montreal, and Webster Bank respectively. Within the portfolio, the bulk, or 64 percent of the 94,703 square feet of built space are elevator properties, with development properties next occupying 15 percent of the space. The bulk, or 72 percent of the built space, is in Brooklyn, with Bronx next at 27 percent of the space.

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