Renaissance Youth Center pays $7M for building in Morrisania

The nonprofit educational organization Renaissance Youth Center paid $7 million to Pillar Property Management through the entity 167-168 Third Avenue LLC for the educational building (W9) at 3485-3489 3rd Avenue in Morrisania, Bronx. The expected use is owner-occupied.
The deal closed on September 25, 2025 and was recorded on October 8, 2025. The property has 33,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $208 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 Pillar Property Management was Kiumarz Geula . The signatory for Renaissance Youth Center was Bervin Harris . The contract date was September 22, 2025. Renaissance Youth Center is a nonprofit educational organization.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Renaissance Youth Center had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pillar Property Management had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Morrisania has 33,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 59 feet and is 110 feet deep with a total lot size of 6,745 square feet. The lot is irregular. The zoning is M1-1/R7-2 which allows for up to 1 times floor area ratio (FAR) for manufacturing and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $3.9 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 Morrisania, The majority, or 52 percent of the 25.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $211.6 million in sales volume in the last two years. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 678,124 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 88,117 square feet of the 342,283 square feet. The two identified owners are New York City Housing Authority and Denali Management.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 342,283 square feet of built space are elevator buildings, with specialty buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Pillar Property Management owned at least nine commercial properties in New York City with 204,041 square feet and a city-determined market value of $25.8 million. (Market value is typically about 50% of actual value.) The portfolio has $118.7 million in debt, with top three lenders as Dime Community Bank, Bank of Hope, and Bank of America respectively. Within the portfolio, the bulk, or 39 percent of the 204,041 square feet of built space are specialty properties, with office properties next occupying 38 percent of the space. The bulk, or 49 percent of the built space, is in Bronx, with Queens next at 38 percent of the space.

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