Zeta Charter pays $29.7M to Knickpoint for dev site in Mott Haven, borrows $167.7M

Zeta Charter Schools through the entity 261 Walton Facility LLC paid $29.7 million to Knickpoint Ventures through the entity Tuck-It-Away Associates-Deegan, LLC for the development site (V0) at 261 Walton Avenue in Mott Haven, Bronx. The expected use is ground up development.

The deal closed on February 19, 2026 and was recorded on March 4, 2026. The property has zero square feet of built space and 165,273 square feet of additional air rights for a total buildable of 165,273 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $179 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 Knickpoint Ventures was Matthew Sprayregen . The signatory for Zeta Charter Schools was Emily A. Kim. The contract date was October 3, 2025.

Zeta Charter Schools at the same time borrowed $167.7 million for the construction of a school at the site.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Zeta Charter Schools purchased four properties in two transactions for a total of $101.2 million and has no record it sold any properties over the past 24 months.
The seller Knickpoint Ventures purchased two properties in two transactions for a total of $9.9 million and had not sold any properties over the same time period.

The property

The parcel has frontage of 258 feet and is 106 feet deep with a total lot size of 27,454 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 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

On the lot, there is one active new building construction project, X08028724, for a 195-unit, 181,092 square-foot R-2 building. The project was submitted by JCAL Development Group and filed by Joshua Weissman with plans filed October 31, 2022 and it has not been permitted yet.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $326.8 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2.5 times the average amount of major developments relative to other neighborhoods and is the highest in Bronx. It had 3.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 11 commercial properties representing 319,882 square feet of the 351,966 square feet. The largest owner is Altmark Group, followed by Beitel Group and then Knickpoint Ventures.
On the tax block, there were five new building construction projects totaling 784,155 square feet. The largest is a 470-unit, 306,893 square-foot residential (R-2) building submitted by Beitel Group and filed by Binyamin Beitel with plans filed January 13, 2022 and permitted April 4, 2024. The second largest is a 240-unit, 192,026 square-foot residential (R-2) building submitted by Michael Lichtenstein and filed by Yechial Lichtenstein with plans filed February 28, 2022 and permitted June 11, 2024.

The majority, or 68 percent of the 351,966 square feet of built space are industrial buildings, with specialty buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Knickpoint Ventures owned at least three commercial properties in New York City with 43,820 square feet and a city-determined market value of $5.4 million. (Market value is typically about 50% of actual value.) The portfolio has $5.9 million in debt, borrowed from Low Income Investment Fund. Within the portfolio, the bulk, or 100 percent of the 43,820 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Zeta Charter Schools owned at least three commercial properties in New York City with 9,800 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio has $81 million in debt, borrowed from Build NYC Resource Corporation and Bank of New York Mellon trustee. Within the portfolio, the bulk, or 100 percent of the 9,800 square feet of built space are industrial properties, with specialty properties next occupying 0 percent of the space. They are all located in Bronx.

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