Taoufik Lahrache pays $11M for four walkups in Concourse Village

Taoufik Lahrache through the entity NY Clay Ave LLC paid $11 million to David Freier through the entity 1260 -1276 Clay Ave LLC for the 13-unit walkup (C1) at 1260 Clay Avenue, the 20-unit walkup  (C1) at 1264 Clay Avenue, the 12-unit walkup at 1272 Clay Avenue, and the 12-unit walkup (C1) at 1276 Clay Avenue, all in Concourse Village, the Bronx. (The package does not include 1268 Clay Avenue, owned by the Beulah HDFC.) The expected use is cash flowing.
The deal closed on May 20, 2025 and was recorded on June 16, 2025. The four properties have 49,918 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $220 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 David Freier was David Freier. The signatory for Taoufik Lahrache was Taoufik Lahrache. The contract date was May 20, 2025. Taoufik Lahrache leads S&G Residents Holding, based in Milwaukee.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1276 Clay Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Taoufik Lahrache had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Freier had not purchased any other properties and sold one property in one transaction for a total of $2.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Freier, head officer and Pinny Jager, agent. The business entity is 1260-1276 Clay Ave Llc. The four properties with a total of 49,918 square feet of built space generated revenue of $927,746 per year or $19 per square foot. The sale price per square foot was $220.

The property

The residential walkup building with 12 residential units in Concourse Village has 49,918 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 80 feet deep with a total lot size of 3,220 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2001 and expires in 2035. The city-designated market value for the property in 2022 is $844,000.

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 $1,250 in ECB penalties, 365 housing violations, $11,000 in OATH penalties, and two housing litigations 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 the tax block of 1276 Clay Avenue, PincusCo has identified the owners of 17 of the 30 commercial properties representing 206,717 square feet of the 355,389 square feet. The largest owner is New York City Housing Authority, followed by Dunn Development and then Michael Merges.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 355,389 square feet of built space are walkup buildings, with retail buildings next occupying 10 percent of the space.

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