Doe Fund Buys Bronx Residential Site at 2738 Creston Avenue for $26M
By Isabelle Durso September 18, 2024 1:33 pm
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The Doe Fund has purchased a newly constructed residential site at 2738 Creston Avenue in the Bronx for $26 million, according to city records made public Tuesday.
The nonprofit — which provides work, housing and education to homeless and formerly incarcerated individuals — bought the 65-unit property through the entity 2736 Creston Avenue Housing Development Fund. The seller was SKF Development, which completed the deal through the entity 2732 Creston Development, records show.
John McDonald, Doe’s executive vice president of real estate, was listed as the signatory for the buyer, while HKS Capital Partners’s Ayush Kapahi signed for the seller.
A Doe Fund spokesperson did not immediately respond to a request for comment, while a spokesperson for SFK could not be reached. It’s unclear who brokered the sale. PincusCo first reported the deal.
The Bedford Park property — which was valued at $554,000 in 2022 — sits near Grand Concourse and East 196th Street, about two blocks north of St. James Park. It used to house a collection of multifamily buildings until SKF built a new, 37,744-square-foot residential building in their wake. The site also has 6,371 square feet of additional air rights, meaning Doe acquired a total of 44,115 buildable square feet in the deal, according to PincusCo.
Doe owns at least 11 commercial properties with 309 residential units across New York City, PincusCo reported.
The organization’s portfolio also includes nearly 900,000 square feet of permanent affordable and supportive housing in both the operational and development stages, as Commercial Observer previously reported.
In January 2023, Doe secured $52.6 million in construction financing for 510 Gates Avenue, a 200-unit transitional residence in Bedford-Stuyvesant, Brooklyn, as CO previously reported. That’s next to the nonprofit’s 60-bed facility at 520 Gates Avenue, originally developed by Doe in 1990.
“Gates Avenue is where it all began for us — where we first proved to the world that, when given the opportunity to work and earn a living, people experiencing homelessness would seize it,” McDonald said in a statement at the time.
Isabelle Durso can be reached at idurso@commercialobserver.com.
