Prana Investments pays $2.1M for residential walkup in Concourse Village

1182 Clay Avenue (Credit: Google)

Prana Investments through the entity 1182 Clay Ave. LLC paid $2.1 million to Dalmer Capital for the midblock 12-unit residential walkup building at 1182 Clay Avenue in Concourse Village, Bronx.
The deal closed on March 4, 2022 and was recorded on March 17, 2022. The property has 10,640 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $200 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 seller bought the property on July 6, 2016, for $1.9 million. The signatory for Dalmer Capital was Steven Satz and Dahlin Klein. The signatory for Prana Investments was Sally Collazo.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Prana Investments purchased 18 properties in 15 transactions for a total of $102.7 million and sold one properties in one transactions for a total of $11.5 million over the past 24 months.
The seller Dalmer Capital had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Satz, head officer and Timour Shafran, agent. The business entities are Citicore Inc. and Dancor Management Llc.

The property

The 1182 Clay Avenue parcel has frontage of 38 feet and is 80 feet deep with a total lot size of 3,040 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1998.0 and expires in 2032.0. The city-designated market value for the property in 2022 is $470,000.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $5,000 in ECB penalties, 21 housing violations, and $6,110 in OATH penalties in the last year.


There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Concourse Village, the bulk, or 41 percent of the 22.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space. In sales, Concourse Village has had very little sales volume relative to other neighborhoods with $59.1 million in sales volume in the last two years. For development, Concourse Village has had very little major development activity relative to other neighborhoods.It had 416,198 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. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 23 commercial properties representing 51,660 square feet of the 348,386 square feet. The largest owner is Yonasen Lefkowitz, followed by Josue Velazquez and then Llesh Lulaj. There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 359,786 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Prana Investments owned at least 67 commercial properties with 2,452,473 square feet and a city-determined market value of $180.1 million. (Market value is typically about 50% of actual value.) The portfolio has $128.8 million in debt, with top three lenders as Signature Bank, ConnectOne Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 53 percent of the 2,452,473 square feet of built space are residential walkup properties, with residential elevator properties next occupying 47 percent of the space. The bulk, or 75 percent of the built space, is in the Bronx, with Manhattan next at 25 percent of the space.


Within a 400-foot radius of 1182 Clay Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Yonasen Lefkowitz borrowed $8 million from Sterling National Bank secured by the 8,652-square-foot, 11-unit rental (C1) on 1178 Clay Avenue and four other properties on November 30, 2021.

Direct link to Acris document. link

Share this article