Investment Property Realty Group Closes $3.735M Sale of Three-Site Bronx Development Assemblage
NEW YORK — Investment Property Realty Group has closed the sale of a three-site development assemblage at 216, 218, and 220 East 179th Street in the Mount Hope section of the Bronx for $3,735,000, the firm announced July 31, 2026.
The transaction, priced at $106 per buildable square foot, was brokered by Steve Reynolds, Brian Davila, and John Loch of Investment Property Realty Group, who represented both the sellers and the buyer in the deal.
Deal Parties and Transaction Structure
The sellers were Moortee Budhai, Mohaned Shameer, and Vincent Lee. The buyers were Aron Stark and Yitzchok Salamon.
The assemblage comprised three adjacent development sites held by four separate ownership groups, a structure that introduced significant coordination challenges. Two of the families involved were no longer on speaking terms at the time of the transaction. Each ownership group maintained different priorities, separate legal counsel, distinct closing timelines, and individual life estate considerations.
Additional title complications emerged after one owner died intestate during the transaction process. Investment Property Realty Group aligned all parties, identified the buyer, and closed the deal above prevailing market value, according to the firm.
Pricing and Market Context
The reported pricing of $106 per buildable square foot reflects the redevelopment potential of the sites rather than existing cash flow, consistent with how development land in New York City is typically underwritten. Investor demand for well-located infill development sites in the Bronx has persisted even as higher borrowing costs and tighter construction financing have limited new ground-up supply across the broader market.
Fragmented ownership structures of the kind present in this transaction can slow execution and create pricing inefficiency. The ability to coordinate multiple ownership groups with competing interests — and to resolve title issues stemming from an intestate estate — can serve as a transaction catalyst that allows a deal to close where others might stall.
Development site transactions in New York City remain driven by scarcity and zoning potential rather than current income. Elevated interest rates, rising construction costs, and reduced availability of construction debt have curbed new building activity, a backdrop that tends to support demand for assembled sites that can be acquired now and developed when financing and operating conditions improve.
About Investment Property Realty Group
Investment Property Realty Group, founded in 2016, is a broker-owned commercial real estate brokerage based in New York specializing in investment sales, retail leasing, and property management across New York City and New Jersey. The firm focuses on multifamily properties, mixed-use buildings, development sites, retail assets, and other commercial investment properties. Since its founding, Investment Property Realty Group has completed more than $4 billion in commercial real estate transactions.