Zalman Brody pays $5.4M to Chestnut Holdings for 198-unit dev site in Highbridge

Zalman Brody through the entity 942 Woodycrest LLC paid $5.4 million to Chestnut Holdings of New York through the entity Emkh LLC for the development building (V0) at 942 Woodycrest Avenue in Highbridge, Bronx. The expected use is ground up development.

To enlarge the development potential on this site, the developers have acquired air rights from the adjacent parcel at 936 Woodycrest Avenue.

On the lot, there is one active new building construction project, X01233373, for a 99-unit, 56,373 square-foot residential (R-2) building. The project was submitted by Leapold Zicherman and filed by Leo Brody with plans filed June 1, 2025 and it has not been permitted yet.

The developers plan another adjacent building of approximately the same size, and also with 99 units.

The deal closed on July 8, 2025 and was recorded on July 29, 2025. The property has zero square feet of built space and 38,964 square feet of additional air rights for a total buildable of 38,964 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $137 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 Chestnut Holdings of New York was Nicholas T. Donovan. The signatory for Zalman Brody was Zalman Brody. The contract date was March 25, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Zalman Brody purchased one property in one transaction for a total of $6.3 million and has no record it sold any properties over the past 24 months.
The seller Chestnut Holdings of New York purchased seven properties in six transactions for a total of $48.6 million and sold one property in one transaction for a total of $3 million over the same time period.

The property

The parcel has frontage of 100 feet and is 109 feet deep with a total lot size of 11,327 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 $834,000.

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 $6,500 in OATH penalties in the last year.

Development

The neighborhood

In Highbridge, The majority, or 60 percent of the 12.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 26 percent of the space. In sales, Highbridge has the 34th highest sale turnover among other neighborhoods in Bronx with $30.5 million in sales volume in the last two years. For development, Highbridge has had very little major development activity relative to other neighborhoods.It had 783,196 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 25 commercial properties representing 758,770 square feet of the 972,720 square feet. The largest owner is City Of New York, followed by Luis Garcia and then Finkelstein Timberger East Real Estate.
On the tax block, there were two new building construction projects totaling 120,656 square feet. The largest is a 99-unit, 64,282 square-foot residential (R-2) building submitted by Leo Brody with plans filed July 23, 2025 and it has not been permitted yet. The second largest is a 99-unit, 56,373 square-foot residential (R-2) building submitted by Leapold Zicherman and filed by Leo Brody with plans filed June 1, 2025 and it has not been permitted yet.

The majority, or 57 percent of the 972,720 square feet of built space are elevator buildings, with walkup buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Chestnut Holdings Of New York owned at least 150 commercial properties with 6,519 residential units in New York City with 6,442,663 square feet and a city-determined market value of $440.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 6,442,663 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Manhattan next at 8 percent of the space.

The buyer

The PincusCo database currently indicates that Zalman Brody owned at least two commercial properties with 57 residential units in New York City with 41,224 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from Bethpage Federal Credit Union. Within the portfolio, the bulk, or 92 percent of the 41,224 square feet of built space are walkup properties, with C1 properties next occupying 8 percent of the space. They are all located in Bronx.

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