Psychotherapy and counseling nonprofit pays $3.5M for parking lot in Melrose

The nonprofit New York Psychotherapy and Counseling Center paid $3.5 million to the entity 622 Courtlandt LLC for a three-parcel parking lot (G6) at 616, 620 and 622 Courtlandt Avenue in Melrose, Bronx. The expected use is owner-occupied.

The New York Psychotherapy and Counseling Center has a large office building a block away at 579 Courtlandt Avenue.
The deal closed on April 23, 2026 and was recorded on May 6, 2026. The three properties have zero square feet of built space and 31,138 square feet of additional air rights for a total buildable of 31,138 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $110 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 signatories for the sellers Amarendra Deshmukh and Jyotsna Deshmukh were Amarendra Deshmukh and Jyotsna Deshmukh. The signatory for New York Psychotherapy and Counseling Center was Elliot Klein . The contract date was April 23, 2026.

Daniel Tropp of the brokerage AEBOV represented the buyer, while David Simone of Concourse Realty Partners brokered the sale for the seller. He said while there was also interest from developers the buyer will use it for parking.

A parking operator has an approximately one-year lease on the property, a source said.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer New York Psychotherapy and Counseling Center had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Amarendra Deshmukh had not purchased any other properties and sold two properties in two transactions for a total of $5.8 million over the same time period.

The property

The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,052 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $172,000.

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 received $300 in OATH penalties 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 Melrose, The majority, or 57 percent of the 8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 17 percent of the space. In sales, Melrose has the 32nd highest sale turnover among other neighborhoods in Bronx with $45.9 million in sales volume in the last two years. For development, Melrose has had very little major development activity relative to other neighborhoods.It had 341,944 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 622 Courtlandt Avenue, PincusCo has identified the owners of five of the 15 commercial properties representing 155,506 square feet of the 306,708 square feet. The largest owner is New York City Housing Authority, followed by Stellar Management and then Lemle & Wolff.
On the tax block, there was one new building construction project filed totaling 25,026 square feet. It is a 28-unit, 25,026 square-foot residential (R-2) building submitted by Michele Gambetta with plans filed March 2, 2017 and permitted April 8, 2022.

The majority, or 54 percent of the 306,708 square feet of built space are walkup buildings, with elevator buildings next occupying 43 percent of the space.

The buyer

The PincusCo database currently indicates that New York Psychotherapy And Counseling Center owned at least three commercial properties in New York City with 6,340 square feet and a PincusCo-determined asset value of $7.6 million. Within the portfolio, all identified are retail properties.

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