Zelig Friedman pays $3.7M for 87-unit dev site in Olinville, gets $8.1M loan

Zelig Friedman through the entity Maamin Development Group LLC paid $3.7 million to Peter Volandes through the entity Laertes Development LLC for the 87-unit development site at 3743 White Plains Road in Olinville, Bronx. The expected use is ground up development.
The deal closed on July 22, 2025 and was recorded on August 13, 2025. The property has 5,750 square feet of built space and 32,568 square feet of additional air rights for a total buildable of 38,316 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $646 and the price per buildable square foot is $97 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 January 10, 2017, for $1.5 million. The signatory for Peter Volandes was Peter J. Volandes . The signatory for Zelig Friedman was Zelig Friedman. The contract date was July 22, 2025.
Zelig Friedman through the entity Maamin Development Group LLC as borrower signed a new construction loan with lender IceCap Group through the entity Ice Lender Holdings, LLC valued at $8.1 million for the two-unit mixed-use building (K4) at 3743 White Plains Road in Olinville, Bronx.

According to Department of Buildings records dated March 2025, Shimon Greenfield of SCG Capital was the, or a, property owner.

On the lot, there is one active new building construction project, X01159971, for an 87-unit, 59,419 square-foot residential (R-2) building. The project was submitted by SCG Capital and filed by Shimon Greenfeld with plans filed December 27, 2024 and it has not been permitted yet.

ZD1 DOB Zoning Diagram_3743 White Plains Road

Prior sales and revenue

The 5,750-square-foot property generated revenue of $144,900 or $25 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 2 residential units in Olinville has 5,750 square feet of built space and 32,568 square feet of additional air rights for a total buildable of 38,316 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 191 feet deep with a total lot size of 9,579 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $776,000.

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 $50 in OATH penalties in the last year.

The neighborhood

In Olinville, The majority, or 59 percent of the 2.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Olinville has the 34th highest sale turnover among other neighborhoods in Bronx with $29.5 million in sales volume in the last two years. For development, Olinville has had very little major development activity relative to other neighborhoods.It had 362,978 square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 55,736 square feet of the 78,136 square feet. The largest owner is Jewish Board Of Family And Children’S Services, followed by Peter J. Volandes and then Mohamed Abdo Yehiya.
On the tax block, there were two new building construction projects totaling 88,434 square feet. The largest is the SCG Capital project filed December 27, 2024. The second largest is a 58-unit, 42,197 square-foot residential (R-2) building submitted by Blue Sky Builders and filed by Hershy Silberstein with plans filed March 4, 2025 and it has not been permitted yet.

The majority, or 42 percent of the 78,136 square feet of built space are mixed-use buildings, with specialty buildings next occupying 39 percent of the space.

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