Westbridge Realty Group pays $2.1M for dev site in Pelham Bay

Westbridge Realty Group through the entity 2925 Westchester LLC paid $2.1 million to Gary Budoff through the entity Aj Partners Holdings LLC for the ground lease mixed-use building (K2) at 2925 Westchester Avenue in Pelham Bay, Bronx. The expected use is ground up development.
The deal closed on February 9, 2026 and was recorded on March 2, 2026. The property has 16,000 square feet of built space and 31,069 square feet of additional air rights for a total buildable of 47,083 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $129 and the price per buildable square foot is $44 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 seller bought the property on November 13, 2025, for $2.1 million. The signatory for Gary Budoff was Gary Budoff. The signatory for Westbridge Realty Group was Steven Westreich .

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Westbridge Realty Group purchased nine properties in four transactions for a total of $27.1 million and has no record it sold any properties over the past 24 months.
The seller Gary Budoff had not purchased any other properties and had not sold any properties over the same time period. The 16,000-square-foot property generated revenue of $374,240 or $23 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Pelham Bay has 16,000 square feet of built space and 31,069 square feet of additional air rights for a total buildable of 47,083 square feet according to a PincusCo analysis of city data. The parcel has frontage of 136 feet and is 262 feet deep with a total lot size of 13,687 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 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 not received any significant violations 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 Pelham Bay, The bulk, or 27 percent of the 6.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Pelham Bay has the 19th highest sale turnover among other neighborhoods in Bronx with $79.2 million in sales volume in the last two years. For development, Pelham Bay has had very little major development activity relative to other neighborhoods.It had 315,124 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 31,560 square feet of built space are mixed-use buildings, with retail buildings next occupying 6 percent of the space.

The buyer

The PincusCo database currently indicates that Westbridge Realty Group owned at least 25 commercial properties with 75 residential units in New York City with 113,250 square feet and a city-determined market value of $18.9 million. (Market value is typically about 50% of actual value.) The portfolio has $103.8 million in debt, with top three lenders as IceCap Group, Cross River Bank, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 25 percent of the 113,250 square feet of built space are retail properties, with industrial properties next occupying 14 percent of the space. The bulk, or 74 percent of the built space, is in Bronx, with Brooklyn next at 26 percent of the space.

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