United Developers pays $2.7M for industrial in Mt Hope

United Developers, led by Matthew Ahdoot, through the entity Carter 1765 LLC paid $2.7 million to Jesus Jorge through the entity 1765 Carter Ave Realty Inc. for the industrial building (G2) at 1765 Carter Avenue in Mt Hope, Bronx. The expected use is cash flowing.
The deal closed on October 31, 2025 and was recorded on November 18, 2025. The property has 16,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $160 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 Jesus Jorge was Diana M. Jorge . The signatory for United Developers was Sunil K. Agarwal . The contract date was March 31, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer United Developers purchased 16 properties in six transactions for a total of $18.3 million and has no record it sold any properties over the past 24 months.
The seller Jesus Jorge had not purchased any other properties and had not sold any properties over the same time period. The 16,800-square-foot property generated revenue of $274,680 or $16 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Mt Hope has 16,800 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 137 feet and is 108 feet deep with a total lot size of 12,877 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.3 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 two DOB violations and $9,700 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 Mt Hope, The majority, or 57 percent of the 11 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Mt Hope has had very little sales volume relative to other neighborhoods with $87.1 million in sales volume in the last two years. For development, Mt Hope has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 29,347 square feet. It is a 42-unit, 29,347 square-foot residential (R-2) building submitted by Nussi Greenfeld and filed by Nussi Greenfeld with plans filed October 2, 2024 and it has not been permitted yet.

The majority, or 53 percent of the 56,913 square feet of built space are industrial buildings, with mixed-use buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that United Developers owned at least 20 commercial properties with 18 residential units in New York City with 48,035 square feet and a city-determined market value of $14.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 48,035 square feet of built space are retail properties, with mixed-use properties next occupying 26 percent of the space. The bulk, or 59 percent of the built space, is in Queens, with Brooklyn next at 23 percent of the space.

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