Seastone Capital pays $3.8M for 21-unit walkup in Fordham Heights

Seastone Capital through the entity 2359-2371 Grand Concourse LLC paid $3.8 million to Alexis Baez through the entity B N Holding Corp. for the 21-unit residential walkup building (C7) at 2359 Grand Concourse in Fordham Heights, Bronx. The expected use is cash flowing.
The deal closed on August 28, 2025 and was recorded on September 19, 2025. The property has 21,176 square feet of built space and 12,913 square feet of additional air rights for a total buildable of 34,097 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $179 and the price per buildable square foot is $111 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 September 23, 2021, for $6.5 million. The signatory for Alexis Baez was Alexis M. Baez . The signatory for Seastone Capital was Adam Goodstein . The contract date was August 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Seastone Capital purchased one property in one transaction for a total of $4.8 million and has no record it sold any properties over the past 24 months.
The seller Alexis Baez 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 Alexis Baez, head officer and Nelson Aponte, site manager. The business entity is Bn Holding Corp. The 21,176-square-foot property generated revenue of $647,265 or $31 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 21 residential units in Fordham Heights has 21,176 square feet of built space and 12,913 square feet of additional air rights for a total buildable of 34,097 square feet according to a PincusCo analysis of city data. The parcel has frontage of 59 feet and is 96 feet deep with a total lot size of 5,664 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 million. Stabilis Capital Management on May 10, 2023 bought a loan with an original principal of from signed by Alexis M. Baez, secured by 2359 Grand Concourse, when owned by Alexis Baez. The property has 21 rent regulated units according to city tax records from 2023.

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 received one DOB violation, 16 housing violations, and $455 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 block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 55,026 square feet of the 345,470 square feet. The two identified owners are Alexis Baez and Residential Management (Ny).
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 345,470 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Alexis Baez owned at least two commercial properties with 25 residential units in New York City with 29,914 square feet and a city-determined market value of $9.4 million. (Market value is typically about 50% of actual value.) The portfolio has $10.3 million in debt, borrowed from Stabilis Capital Management. Within the portfolio, the bulk, or 71 percent of the 29,914 square feet of built space are walkup properties, with mixed-use properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Bronx, with Manhattan next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Seastone Capital owned at least one commercial property with 60 residential units in New York City with 56,300 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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