Altmark Group Sells Mott Haven Lots Destined for 99-Unit Redevelopment for $22M

Three adjacent lots in the Bronx’s Mott Haven neighborhood have been snapped up for a series of ground-up, 99-unit housing developments. 

The acquisition and accompanying plans join the city’s ever-growing ranks of 99-unit apartment deals, catalyzed by the construction wage requirements of the city’s controversial 485-x incentive.

The transaction, filed Thursday, saw three parcels along East 132nd Street and Bruckner Boulevard trade for $21.7 million to LLC 122 Blvd 134 St. The buyer entity is tied to Anshel Fridman, head of the local real estate investment and development firm Nalcorp and general contractor Artist Construction. The seller was Bronx-based development, investment and property management firm Altmark Group, represented by Adi Altmark, a principal at the group, through the entity 122 Bruckner Development.

The three lots in question are at 517 East 132nd Street, 519 East 132nd Street and 122 Bruckner Boulevard. The lots currently contain a mix of buildings zoned for industrial and specialty uses.

Plans filed for the lots filed by Fridman with the New York City Department of Buildings call for three 14-story residential buildings, PincusCo reported. Each 99-unit building will span between 78,000 and 96,000 square feet, according to the filings.

Nalcorp’s $21.7 million acquisition included a $15.72 million mortgage agreement with Israel-based bank Bank Hapoalim, according to property records. It is not clear if either party in the property transaction worked with an outside brokerage. The firms did not immediately respond to requests for comment.

Altmark reports a portfolio of over 3 million square feet of residential and commercial real estate across the tri-state region. The group recently secured a $96 million refinancing for a completed Bronx apartment complex, the Motto, at 2455-2457 Third Avenue.

Emily Davis can be reached at edavis@commercialobserver.com.