Nonprofit ACMH pays $7M to Peter Fine for dev site in Norwood

The not-for-profit ACMH through the entity ACMH Webster Avenue Apartments LLC paid $7 million to Bolivar Development through the entity 3041 Webster, LLC for the development building (V1) at 3041 Webster Avenue in Norwood, Bronx. The expected use is ground up development.
On the lot, there is one active new building construction project, X08043433, for a 136-unit, 83,982 square-foot R-2 building. The project was submitted by Peter Fine of Atlantic Development Group and Bolivar Development, with plans filed December 15, 2022 and it has not been permitted yet.
The deal closed on October 30, 2024 and was recorded on November 12, 2024.
The seller bought the property on March 19, 2020, for $6.4 million. The signatory for Bolivar Development was Peter Fine. The signatory for ACMH was Daniel K. Johansson. The contract date was February 1, 2024. ACMH is a nonprofit that provides mental health services.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ACMH purchased two properties in one transaction for a total of $8.4 million and has no record it sold any properties over the past 24 months.
The seller Bolivar Development had not purchased any other properties and had not sold any properties over the same time period. The 30,240-square-foot property generated revenue of $371,650 or $12 per square foot, according to the most recent income and expense figures.

The property

The parcel has frontage of 126 feet and is 120 feet deep with a total lot size of 15,140 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.

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 received $660 in OATH penalties in the last year.

The neighborhood

In Norwood, The bulk, or 48 percent of the 17.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Norwood has the 33rd highest sale turnover among other neighborhoods in Bronx with $22.9 million in sales volume in the last two years. For development, Norwood has had very little major development activity relative to other neighborhoods.It had 361,057 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 233,040 square feet of the 367,776 square feet. The largest owner is Shapour Sohayegh, followed by Deanna Joy and then Palush Marku.
On the tax block, there were five new building construction projects totaling 276,022 square feet. The largest is a 140-unit, 114,610 square-foot residential (R-2) building submitted by SKF Development and filed by Darwin Torres with plans filed June 12, 2024 and it has not been permitted yet. The second largest is a 136-unit, 83,982 square-foot residential (R-2) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed December 15, 2022 and it has not been permitted yet.

The majority, or 54 percent of the 367,776 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that ACMH owned at least three commercial properties with 86 residential units in New York City with 82,213 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 80 percent of the 82,213 square feet of built space are elevator properties, with industrial properties next occupying 20 percent of the space. They are all located in Bronx.

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