Prana Investments pays $4.7M to Alen Ardan for residential walkup in Fordham Manor

2454 Webb Avenue (Credit: Google)

Prana Investments through the entity 2454 Webb Ave. LLC paid $4.7 million to Alen Ardan through the entity 216 Macon Street, LLC for midblock 36-unit residential walkup building at 2454 Webb Avenue in Fordham Manor, Bronx.
The deal closed on March 2, 2022 and was recorded on March 10, 2022. The property has 33,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $139 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 April 28, 2015, for $5.1 million. The signatory for Alen Ardan was Anthony Simari. The signatory for Prana Investments was Richard Herman. Alen Ardan signed on a previous mortgage for the property. Richard Herman is vice president of transactions at Prana Investments. 

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 $108.2 million and sold one property in one transaction for a total of $11.5 million over the past 24 months.
The seller Alen Ardan 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 included Arda Ardan, head officer and Milagros Martinez, agent. The business entities were Total Realty Associates Inc and 216 Macon Street Llc. The 33,600-square-foot property generated revenue of $564,975 or $17 per square foot, according to the most recent income and expense figures.

The property

The 2454 Webb Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 8,000 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 million.The property has a city-determined energy rating of 13 out of 100.

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 68 housing violations and seven housing litigations 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 Fordham Manor, the bulk, or 32 percent of the 21.6 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 30 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $157.8 million in sales volume in the last two years. For development, Fordham Manor has near average amount of major developments among other neighborhoods and is the 9th highest in Bronx. It had 849,436 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 21 commercial properties representing 182,632 square feet of the 708,973 square feet. The largest owner is Marc Goldfarb, followed by Finkelstein Timberger East Real Estate and then Chestnut Holdings of New York. There are two active new building construction projects totaling 10,891 square feet. The largest is a nine-unit, 5,861-square-foot R-2 building developed by Ming Ye Yu with plans filed April 13, 2018 and permitted February 28, 2020. The second largest is an eight-unit, 5,030-square-foot R-2 building developed by Ming Ye Yu with plans filed April 13, 2018 and permitted February 28, 2020.

The majority, or 57 percent of the 858,507 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Prana Investments owned at least 66 commercial properties with 2,418,873 square feet and a city-determined market value of $177.3 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 2,418,873 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 2454 Webb Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Michael Tirotta borrowed $5.4 million from New York Community Bank secured by the 28,142-square-foot, 33-unit rental (C1) on 2444 Devoe Terrace on July 24, 2020.

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