SKF Development pays $5.5M to BX Capital for dev site in Fordham Heights

SKF Development through the entity 2055 Ryer Realty LLC paid $5.5 million to BX Capital through the entity Ryer Property Bx LLC for 2055, 2057 and 2059 Ryer Avenue in Fordham Heights, the Bronx. The expected use is ground up development.
On these lots, there is one active new building construction project, X01133320, for a 95-unit, 62,290 square-foot residential (R-2) building. The project was submitted by Darwin Torres and filed by Darwin Torres with plans filed October 29, 2024 and it has not been permitted yet.
The sale closed on December 11, 2024 and was recorded on December 26, 2024.
The signatory for BX Capital was Michael Shamah. The signatory for SKF Development was Robert J. Teitelbaum. The contract date was September 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer SKF Development purchased one property in one transaction for a total of $7 million and sold two properties in two transactions for a total of $51.8 million over the past 24 months.
The seller BX Capital had not purchased any other properties and had not sold any properties over the same time period.

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 $100 in OATH penalties in the last year.

The block

On the tax block of 2057 Ryer Avenue, PincusCo has identified the owners of 21 of the 37 commercial properties representing 827,749 square feet of the 1,027,395 square feet. The largest owner is Angelo Gordon, followed by Acmh and then Ved Parkash.
On the tax block, there were 11 new building construction projects totaling 440,488 square feet. The largest is a 102-unit, 67,673 square-foot residential (R-2) building submitted by Spaxel and filed by Gzim Hasandjekic with plans filed March 5, 2020 and permitted June 3, 2022. The second largest is a 95-unit, 62,290 square-foot residential (R-2) building submitted by Darwin Torres and filed by Darwin Torres with plans filed October 29, 2024 and it has not been permitted yet.

The majority, or 73 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Skf Development owned at least nine commercial properties with 621 residential units in New York City with 263,199 square feet and a city-determined market value of $21.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 263,199 square feet of built space are elevator properties, with D7 properties next occupying 27 percent of the space. They are all located in Bronx.

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