New Destiny signs $48.9M construction loan for 72-unit project in Concourse Village

New Destiny Housing through the entity 1145 Webster Housing Development Fund Corporation as borrower signed a new construction loan with lender Capital One and NYS Homeless Housing and Assistance Corporation valued at $48.9 million for the industrial building (E9) at 1139 Webster Avenue in Concourse Village, Bronx.

On the lot, there is one active new building construction project, 220213043, for a 72-unit, 59,119 square-foot residential (R-2) building. The project was submitted by New Destiny Housing Corporation and filed by Nicole Branca with plans filed October 26, 2023 and it has not been permitted yet.
The deal closed on May 16, 2025 and was recorded on June 10, 2025. The property has 10,000 square feet of built space and 40,000 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $4,888 and the price per buildable square foot is $977 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 owner bought the property on July 12, 2022, for $3.5 million. The signatory for New Destiny Housing was Nicole Branca .

Prior sales and revenue

The 10,000-square-foot property generated revenue of $148,700 or $15 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Concourse Village has 10,000 square feet of built space and 40,000 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $814,000. The most recent loan totaled $5.5 million and was provided by Corporation for Supportive Housing on July 12, 2022.

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.

The neighborhood

In Concourse Village, The bulk, or 39 percent of the 17.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Concourse Village has the 34th highest sale turnover among other neighborhoods in Bronx with $27 million in sales volume in the last two years. For development, Concourse Village has 1.5 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Bronx. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 23 commercial properties representing 203,135 square feet of the 348,386 square feet. The largest owner is Arker Companies, followed by Msa Investments and then Aziz Tareb.
On the tax block, there were two new building construction projects totaling 277,245 square feet. The largest is a 259-unit, 218,126 square-foot residential (R-2) building submitted by Marc Schur and filed by Marc Schur with plans filed August 8, 2023 and it has not been permitted yet. The second largest is a 72-unit, 59,119 square-foot residential (R-2) building submitted by New Destiny Housing Corporation and filed by Nicole Branca with plans filed October 26, 2023 and it has not been permitted yet.

The majority, or 41 percent of the 348,386 square feet of built space are walkup buildings, with elevator buildings next occupying 39 percent of the space.

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