Oliver Street Capital pays $7.2M for industrial in Unionport

Oliver Street Capital through the entity Atlantic Oliver III 1261 Zerega Avenue, LLC paid $7.2 million to Alan Schwalberg through the entity Rsaj Holdings, LLC for the industrial building (G2) at 1261 Zerega Avenue in Unionport, Bronx. The expected use is cash flowing.
The deal closed on January 15, 2026 and was recorded on January 21, 2026. The property has 28,926 square feet of built space and 9,694 square feet of additional air rights for a total buildable of 38,778 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $248 and the price per buildable square foot is $185 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 Alan Schwalberg was Edward J. Bullard Jr. . The signatory for Oliver Street Capital was Jonathan Hyde and Jonathan O’Donnell . The contract date was September 10, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Oliver Street Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alan Schwalberg had not purchased any other properties and had not sold any properties over the same time period. The 28,926-square-foot property generated revenue of $480,335 or $17 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Unionport has 28,926 square feet of built space and 9,694 square feet of additional air rights for a total buildable of 38,778 square feet according to a PincusCo analysis of city data. The parcel has frontage of 206 feet and is 188 feet deep with a total lot size of 38,778 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.4 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 not received any significant violations 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 Unionport, The bulk, or 32 percent of the 6.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Unionport has had very little sales volume relative to other neighborhoods with $156.8 million in sales volume in the last two years. For development, Unionport has had very little major development activity relative to other neighborhoods.It had 459,896 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing zero square feet of the 28,926 square feet. The identified owner is City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 28,926 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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