Waleed Simreen pays $5.5M to BNS Real Estate for retail in Concourse

Waleed Simreen through the entity 1230 Bronx One Stop LLC paid $5.5 million to BNS Real Estate through the entity 1230 Jerome Avenue, LLC for the retail building (K1) at 1230 Jerome Avenue in Concourse, Bronx.
The deal closed on March 17, 2026 and was recorded on March 24, 2026. The property has 10,045 square feet of built space and 65,493 square feet of additional air rights for a total buildable of 75,538 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $547 and the price per buildable square foot is $72 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 BNS Real Estate was Bradford S. Barr . The signatory for Waleed Simreen was Waleed M. Simreen. The contract date was January 23, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Waleed M. Simreen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BNS Real Estate had not purchased any other properties and sold 14 properties in 13 transactions for a total of $61 million over the same time period. The 10,045-square-foot property generated revenue of $269,134 or $27 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Concourse has 10,045 square feet of built space and 65,493 square feet of additional air rights for a total buildable of 75,538 square feet according to a PincusCo analysis of city data. The parcel has frontage of 82 feet and is 151 feet deep with a total lot size of 10,045 square feet. The lot is irregular. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 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 $150 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 8, 2014. 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 Concourse, The bulk, or 46 percent of the 13.4 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 16 percent of the space. In sales, Concourse has had very little sales volume relative to other neighborhoods with $93.5 million in sales volume in the last two years. For development, Concourse has near average amount of major developments among other neighborhoods and is the 7th highest in Bronx. It had 1.4 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 this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 281,140 square feet of the 332,943 square feet. The largest owner is Type A Projects, followed by New York Police Department and then Halil Djonbalij.
On the tax block, there was one new building construction project filed totaling 356,813 square feet. It is a 328-unit, 356,813 square-foot residential (R-2) building submitted by L+M Development Partners and filed by Spencer Orkus with plans filed May 17, 2024 and permitted March 3, 2026.

The majority, or 58 percent of the 332,943 square feet of built space are specialty buildings, with elevator buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Bns Real Estate owned at least two commercial properties with 80 residential units in New York City with 139,803 square feet and a city-determined market value of $14.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 139,803 square feet of built space are industrial properties, with elevator properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Bronx, with Brooklyn next at 44 percent of the space.

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