Nonprofit MBD pays $32.3M for five walkups properties in Bronx, gets $157M rehab, land loan

MBD Community Housing Corporation through the entity MBD West Apartments LLC acquired at a valuation of $32.3 million from Neighborhood Restore through the entity Neighborhood Renewal Housing Development Fund Corp., the 48-unit residential walkup building (C7) at 2160 Walton Avenue in Fordham Heights, Bronx, 44-unit residential walkup building (C7) at 1851-1859 Walton Avenue in Mt Hope, Bronx, and 35-unit residential walkup building (C1) at 1881 Walton Avenue in Mt Hope, Bronx. The expected use is cash flowing.
The deal closed on June 30, 2025 and was recorded on July 9, 2025. The five properties have 150,080 square feet of built space and 52,843 square feet of additional air rights for a total buildable of 194,605 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $215 and the price per buildable square foot is $166 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 signatory for Neighborhood Restore was Salvatore D’Avola . The signatory for MBD Community Housing Corporation was Derrick A. Lovett . The contract date was June 30, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2160 Walton Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer MBD Community Housing Corporation purchased one property in one transaction for a total of $25.8 million and has no record it sold any properties over the past 24 months.
The seller Neighborhood Restore had not purchased any other properties and sold six properties in six transactions for a total of $23.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Salvatore Davola, head officer and Linda Mojica, agent. The business entities are Metropolitan Property Services, Inc. and Neighborhood Renewal Hdfc. Out of the five properties, one with a total of 150,080 square feet of built space generated revenue of $347,850 per year.

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 three DOB violations, $2,400 in ECB penalties, 161 housing violations, and $16,820 in OATH penalties in the last year.

Development

On these lots, there are four active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 21,389 square feet. The largest, X00781179, is a major alteration project for a 48-unit, 7,508 square-foot R-2 building submitted by Salvatore D’Avola with plans filed August 23, 2022 and permitted December 24, 2024. The second largest, X00781015, is a major alteration project for a 43-unit, 6,974 square-foot R-2 building submitted by Salvatore D’Avola with plans filed August 23, 2022 and permitted June 4, 2025.

The block

On the tax block of 2160 Walton Avenue, PincusCo has identified the owners of two of the five commercial properties representing 56,650 square feet of the 96,590 square feet. The two identified owners are Neighborhood Restore and Fordham Bedford Housing Corporation.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 96,590 square feet of built space are walkup buildings, with mixed-use buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Neighborhood Restore owned at least 60 commercial properties with 1,300 residential units in New York City with 1,061,708 square feet and a city-determined market value of $84.8 million. (Market value is typically about 50% of actual value.) The portfolio has $29.9 million in debt, borrowed from Community Preservation Corporation and NYC Housing Development Corporation. Within the portfolio, the bulk, or 76 percent of the 1,061,708 square feet of built space are walkup properties, with elevator properties next occupying 21 percent of the space. The bulk, or 78 percent of the built space, is in Bronx, with Manhattan next at 18 percent of the space.

Direct link to Acris document. link