Truman Development pays $10.2M for rentals, land in Longwood

Truman Development & Management through the entity Sbiv GP LLC acquired through a $10.2 million entity level purchase from Center Development Corporation through the entity CDC Management Corporation, the 61-unit residential elevator building (D1) at 777 Fox Street, the 28-unit residential elevator building (D5) at 647 Fox Street, and the development parcel (V0) at 643 Fox Street, all in Longwood, the Bronx.
The deal closed on May 1, 2025 and was recorded on May 15, 2025. The three properties have 93,620 square feet of built space and 20,010 square feet of additional air rights for a total buildable of 104,008 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $108 and the price per buildable square foot is $98 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.)
According to the Center Development website: “The first Center company, the Center for Housing Partnerships (CHP), was established in 1971 to develop residential and mixed-use real estate projects in New York’s inner-city communities. It was founded by William N. Hubbard, Chairman and President of Center Development Corporation.”

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Truman Development & Management had purchased any other properties and sold two properties in one transaction for a total of $12.6 million over the past 24 months.
The seller Center Development Corporation 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 William Hubbard, head officer and Rachelle McKenzie-English, site manager. The business entity is Southern Boulevard Iv Associates. Out of the three properties, two with a total of 93,620 square feet of built space generated revenue of $1.7 million per year.

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 16 housing violations and $900 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 the tax block of 777 Fox Street, PincusCo has identified the owners of seven of the 14 commercial properties representing 232,628 square feet of the 510,740 square feet. The largest owner is Nuveen Real Estate, followed by Victor Sismanoglouyates and then Banana Kelly Community Improvement Association.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 510,740 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 Center Development Corporation owned at least seven commercial properties with 258 residential units in New York City with 289,616 square feet and a city-determined market value of $56.4 million. (Market value is typically about 50% of actual value.) The portfolio has $40 million in debt, borrowed from Lument and Midland States Bank. Within the portfolio, the bulk, or 76 percent of the 289,616 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. They are all located in Manhattan.

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