SKF Development pays $9.4M for dev site in Fordham Heights

SKF Development through the entity 2092 GC Realty LLC paid $9.4 million to Visabe Corp. through the entity 2092-2100 Grand Concourse Realty Co LLC for 2092 Grand Concourse in Fordham Heights, Bronx. The expected use is ground up development.
The deal closed on April 29, 2025 and was recorded on May 1, 2025. The property has 14,882 square feet of built space and 74,707 square feet of additional air rights for a total buildable of 89,589 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $634 and the price per buildable square foot is $105 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 Visabe Corp. was Salomon Cojab . The signatory for SKF Development was Robert J. Teitelbaum . The contract date was February 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer SKF Development purchased four properties in three transactions for a total of $12.5 million and sold three properties in three transactions for a total of $62.5 million over the past 24 months.
The seller Visabe Corp. had not purchased any other properties and had not sold any properties over the same time period. The 14,882-square-foot property generated revenue of $482,623 or $32 per square foot, according to the most recent income and expense figures.

The property

The retail building in Fordham Heights has 14,882 square feet of built space and 74,707 square feet of additional air rights for a total buildable of 89,589 square feet according to a PincusCo analysis of city data. The parcel has frontage of 129 feet and is 102 feet deep with a total lot size of 14,882 square feet. The lot is irregular. 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 $1.8 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 received $1,250 in ECB penalties and $3,730 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 Fordham Heights, The bulk, or 46 percent of the 16.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 35 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $116 million in sales volume in the last two years. For development, Fordham Heights has had very little major development activity relative to other neighborhoods.It had 689,494 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 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 10 new building construction projects totaling 413,822 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 seller

The PincusCo database currently indicates that Visabe Corp. owned at least three commercial properties with 10 residential units in New York City with 31,266 square feet and a city-determined market value of $8.5 million. (Market value is typically about 50% of actual value.) The portfolio has $11.8 million in debt, borrowed from Patch of Land, Inc. and Israel Discount Bank. Within the portfolio, the bulk, or 46 percent of the 31,266 square feet of built space are industrial properties, with walkup properties next occupying 30 percent of the space. The bulk, or 54 percent of the built space, is in Brooklyn, with Manhattan next at 46 percent of the space.

The buyer

The PincusCo database currently indicates that Skf Development owned at least 12 commercial properties with 652 residential units in New York City with 273,325 square feet and a city-determined market value of $24.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 273,325 square feet of built space are elevator properties, with D7 properties next occupying 26 percent of the space. They are all located in Bronx.

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