Neighborhood Restore pays $122M to Blackshore Realty for 15 properties

Neighborhood Restore Housing Development Fund Corporation through the entity Neighborhood Renewal Housing Development Fund Corp paid $122 million to Blackshore Realty Group through the entity Westchester Realty LLC in 14 transactions including 769 units in 15 properties with a total of 679,479 square feet in the Bronx.

One of the buildings was the 103-unit rental (C7) at 1206 Westchester Avenue in Morrisania, Bronx.
The deal closed on June 23, 2021 and was recorded on July 13, 2021.
This single property has 81,708 square feet of built space and 0 square feet of additional air rights for a total buildable of 64,747 square feet according to PincusCo analysis of city data. The sale price per built square foot is $204 per the PincusCo analysis.
The signatory for Blackshore Realty Group was Joseph Friedman. The signatory for Neighborhood Restore Housing Development Fund Corporation was Salvatore D’Avola.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $220,283.
Joseph Friedman is president of Blackshore Realty Group.
The owners according to the Department of Housing Preservation and Development includes Alan Fried, head officer and Steve Zelmanowitz, officer. The business entity is Westchester Realty Llc.
Within a 400-foot radius of 1206 Westchester Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on September 12, 2019 for a 53,736-square-foot R-2 building with 62 residential units residential units at 1115 East 165th Street.
One of those two items was a loan which Banana Kelly Community Improvement Association borrowed $6.0 million from Sterling National Bank secured by the 16,835-square-foot, 15-unit rental (C1) on 1100 West Farms Road and four other properties on March 10, 2021.

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