Zev Mayer pays $4.6M for 99-unit dev site in Mt Hope, borrows $6.2M
Zev Mayer paid $4.6 million for two parcels that make up a development site where the Grun Group is building a 99-unit rental with the address 22 Mt. Hope Place in Mt Hope, the Bronx in two transactions. At the same time, Mayer borrowed $6.23 million from IceCap Group.
In the first transaction, Zev Mayer through the entity 20 Mh LLC paid $2.37 million to Frank Chan and Wing Hung Chan through the entity Chan Family Irrevocable Trust for the four-unit 1-4 family building (C3) at 22 Mt Hope Place in Mt Hope, Bronx. The expected use is ground up development.
The deal closed on February 11, 2026 and was recorded on February 23, 2026. The property has 3,072 square feet of built space and 15,750 square feet of additional air rights for a total buildable of 18,812 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $773 and the price per buildable square foot is $126 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 Frank Chan and Wing Hung Chan was Rose Chan and Frank Chan. The signatory for Zev Mayer was Zev Mayer. The contract date was March 28, 2025.
In the second, Zev Mayer through the entity 20 Mh LLC paid $2.2 million to Iskyo Aronov through the entity 20 Mt Hope LLC for the four-unit 1-4 family building (C3) at 20 Mount Hope Place in Mt Hope, Bronx. The expected use is ground up development.
The deal closed on February 11, 2026 and was recorded on February 23, 2026. The property has 3,072 square feet of built space and 15,750 square feet of additional air rights for a total buildable of 18,812 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $729 and the price per buildable square foot is $119 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 December 17, 2015, for $260,000. The signatory for Iskyo Aronov was Iskyo Aronov. The signatory for Zev Mayer and was Zev Mayer. The contract date was May 7, 2024.
Prior sales, articles and revenue
Prior to this transaction, PincusCo has records that the buyer Zev Mayer purchased five properties in five transactions for a total of $26.9 million and has no record it sold any properties over the past 24 months.
The seller Frank Chan purchased three properties in one transaction for a total of $33 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Wing Chan, joint owner.
The property
The 1-4 family building with 4 residential units in Mt Hope has 3,072 square feet of built space and 15,750 square feet of additional air rights for a total buildable of 18,812 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 125 feet deep with a total lot size of 3,125 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $467,200.
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, X01252589, for a 99-unit, 52,504 square-foot R-2 building. The project was submitted by Grun Group and filed by Yonah Grunhut with plans filed July 9, 2025 and it has not been permitted yet.
The block
On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 276,175 square feet of the 347,633 square feet. The largest owner is Nyc Department Of Education, followed by Solomon Kafif and then Mbd Community Housing Corporation.
On the tax block, there was one new building construction project filed totaling 52,504 square feet. It is a 99-unit, 52,504 square-foot residential (R-2) building submitted by Grun Group and filed by Yonah Grunhut with plans filed July 9, 2025 and it has not been permitted yet.
The majority, or 71 percent of the 347,633 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.
The buyer
The PincusCo database currently indicates that Zev Mayer owned at least seven commercial properties with 152 residential units in New York City with 8,052 square feet and a city-determined market value of $11.1 million. (Market value is typically about 50% of actual value.) The portfolio has $65.5 million in debt, with top three lenders as Valley National Bank, Broadview Capital, and Parke Bank respectively. Within the portfolio, the bulk, or 73 percent of the 8,052 square feet of built space are mixed-use properties, with development properties next occupying 27 percent of the space. The bulk, or 69 percent of the built space, is in Bronx, with Brooklyn next at 31 percent of the space.
The PincusCo database currently indicates that Grun Group owned at least five commercial properties with 10 residential units in New York City with 11,062 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from IceCap Group. Within the portfolio, the bulk, or 56 percent of the 11,062 square feet of built space are C0 properties, with B2 properties next occupying 44 percent of the space. They are all located in Bronx.
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