Top Rock Holdings pays $8.75M to Jackson Group for dev site in South Bronx

Top Rock Holdings through the entity 2970 3rd Ave Partners LLC paid $8.75 million to the Chehebar family’s Jackson Group through the entity 2952 Third Avenue, LLC for the development site at 2970 3rd Avenue in the South Bronx.
The deal closed on August 26, 2021 and was recorded on September 2, 2021.

The site as of right allows for a maximum of more than 100,000 square feet of development potential including residential. Top Rock, led by Uri Mermelstein and Joseph Yushuvayev, is looking at several options including a combination of retail and a charter school, for about 100,000 square feet, or another option of retail and office or medical with a total of about 50,000 to 60,000 square feet, according to a person familiar with the development plans.

The signatory for Jackson Group was Gabriel Chehebar. The signatory for Top Rock Holdings was Uri Mermelstein.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $180,000.
Top Rock Holdings principals are Joseph Yushuvayev and Uri Mermelstein. They plan to develop in Forest Hills.

The Chehebars bought a larger parcel for $13 million and then divided that parcel in two pieces. It sold one part for $5.25 million in 2018.

Within a 400-foot radius of 2968 3rd Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on April 21, 2021 for a 40,453-square-foot R-2 building with 44 residential units at 414 East 152nd Street.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on December 4, 2019 for the $973,195.0 renovation of 23,260-square-foot M building with N/A residential units at 2918 Third Avenue.
One of those three items was a loan which Starwood Capital and AB Capstone borrowed $51.0 million from Centennial Bank secured by the 0-square-foot, one-unit industrial (W9) on 425 Westchester Avenue on July 30, 2020.

Correction: An earlier version of this post mis-identified the neighborhood of the parcel.

Direct link to Acris document. link