Reign Funding finances $3.4M acquisition for two properties in Bronx

Pedro Alvarez and Ledwin Oviedo through the entity 100-120 E Mt Eden Ave Bldg, LLC as borrower signed an acquisition loan with lender Reign Funding through the entity Reign Mt Eden LLC valued at $3.4 million for two properties with two residential units including the specialty building (I5) at 1574 Walton Avenue in Mt Eden, Bronx and two-unit mixed-use building (S2) at 1691 Jerome Avenue in Morris Heights, Bronx.
The deal closed on February 4, 2026 and was recorded on March 10, 2026. The two properties have 27,960 square feet of built space and 24,262 square feet of additional air rights for a total buildable of 51,795 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $121 and the price per buildable square foot is $65 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 Pedro Alvarez and Ledwin Oviedo was Pedro Alvarez.

This is the first loan PincusCo has tracked by Reign Funding.

Pedro Alvarez and Ledwin Oviedo through the entity 100-120 E Mt Eden Ave Bldg, LLC paid $3.7 million through a judicial foreclosure for the specialty building (I5) at 1574 Walton Avenue in Mt Eden, Bronx. The previous owner was Concourse Day Care Center, as PincusCo reported yesterday.

The property

The specialty building in Mt Eden has 27,960 square feet of built space and 24,262 square feet of additional air rights for a total buildable of 51,795 square feet according to a PincusCo analysis of city data. The parcel has frontage of 144 feet and is 55 feet deep with a total lot size of 7,981 square feet. 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 $2.5 million.

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 $3,125 in ECB penalties and $3,175 in OATH penalties 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 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 the 26th highest sale turnover among other neighborhoods in Bronx with $60.8 million in sales volume in the last two years. For development, Mt Eden has had very little major development activity relative to other neighborhoods.It had 778,803 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 1574 Walton Avenue, PincusCo has identified the owners of two of the four commercial properties representing 113,601 square feet of the 190,761 square feet. The identified owner is Chestnut Holdings Of New York.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 190,761 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

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