Nonprofit Concern Housing files plans for 133-unit housing project

Ralph Fasano of the nonprofit Concern Housing, which also uses the name Concern For Independent Living, submitted a new building construction project for a 113-unit, 139,972 square-foot residential (R-2) building at 1320 Inwood Avenue in Mt Eden, Bronx. The plan was filed with the New York City Department of Buildings on August 11, 2023 under job number X00908433. It calls for the construction of a 14-story building. The project is described in the filing as: construct new 14 story mixed use building as per plans filed. The architect is Dattner Architects.
Concern For Independent Living is a crisis intervention and mental health related nonprofit.

The property

The parcel has frontage of 99 feet and is 179 feet deep with a total lot size of 21,543 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million. The most recent loan totaled $16.2 million and was provided by Leviticus Fund on January 25, 2023.

Prior sales and revenue

This property was sold by Dragos Adrian Firescu for $12.7 million to Concern for Independent Living on January 25, 2023.

The 21,500-square-foot property generated revenue of $199,717 or $9 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Mt Eden, The majority, or 51 percent of the 10.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Mt Eden has near average sales volume among other neighborhoods with $79.9 million in sales volume in the last two years and is the 20th highest in Bronx. For development, Mt Eden has near average amount of major developments among other neighborhoods and is the 7th highest in Bronx. It had 878,272 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.

The block

On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 296,940 square feet of the 357,940 square feet. The largest owner is Atlantic Development Group, followed by Concern For Independent Living and then Federico Jose Almonte. On the tax block, there were two new building construction projects totaling 229,148 square feet. The largest is a 113-unit, 139,972 square-foot residential (R-2) building submitted by Ralph Fasano with plans filed August 11, 2023 and it has not been permitted yet. The second largest is a 131-unit, 89,176 square-foot residential (R-2) building submitted by Riegler Group and filed by Joseph Riegler with plans filed May 4, 2022 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Concern For Independent Living owned at least six commercial properties with 228 residential units in New York City with 202,546 square feet and a city-determined market value of $29.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 84 percent of the 202,546 square feet of built space are elevator properties, with industrial properties next occupying 14 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Bronx next at 12 percent of the space.

The surrounding

Within a 400-foot radius of 1328 Inwood Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, one was in new building development. It was a new building permit application filed on May 4, 2022 for a 89,176-square-foot residential (R-2) building with 131 residential units at 1351 Jerome Avenue. Of those eight items, two were sales above $5 million totaling $29.5 million. The most recent of the two was Oswaldo Rodriguez and Federico Jose Almonte which bought the 18,100-square-foot, one-unit industrial (E9) on 1339 Jerome Avenue for $9 million from Dragos Adrian Firescu on August 10, 2023. Of those eight items, five were loans above $5 million totaling $48.3 million. The most recent of the five was Oswaldo Rodriguez and Federico Jose Almonte in which borrowed $7.5 million from Dragos Adrian Firescu secured by the 18,100-square-foot, one-unit industrial (E9) on 1339 Jerome Avenue on August 10, 2023.

Direct link to the property’s ACRIS page and link to DOB NOW portal.