Altmark Group Sells Three Bronx Lots to Nalcorp-Linked LLC for $21.7M

Why It Matters

The acquisition expands Bronx housing supply under NYC’s 99‑unit incentive, signaling strong investor appetite for mid‑rise, affordable‑oriented projects in a high‑need market.

Key Takeaways

• Altmark sold three Mott Haven parcels for $21.7 million.
• Buyer Nalcorp plans three 14‑story, 99‑unit residential towers.
• Each building will contain 78,000‑96,000 sq ft of floor space.
• Transaction includes a $15.72 million mortgage from Bank Hapoalim.
• Development aligns with NYC’s 485‑x incentive for 99‑unit projects.

Pulse Analysis

New York City’s 485‑x tax incentive, which rewards developers who build exactly 99 units, has become a catalyst for a surge of mid‑rise projects across the five boroughs. By capping the unit count, the program sidesteps higher construction‑wage requirements that apply to larger buildings, making it financially attractive for investors. The Altmark sale illustrates how developers are leveraging this rule to acquire undervalued industrial‑zoned sites and convert them into dense, yet manageable, residential blocks that meet city affordability goals.

In the Bronx, the addition of three 99‑unit towers will inject roughly 300 new apartments into a market where vacancy rates remain low and rents continue to climb. The projects, slated for 14 stories each, will likely target a mix of moderate‑income renters, helping to alleviate pressure on existing housing stock. Financing the $21.7 million purchase with a $15.72 million mortgage from Bank Hapoalim underscores the growing role of foreign capital in U.S. multifamily development, providing developers with diversified funding sources that can accelerate construction timelines.

Altmark’s broader portfolio, highlighted by a recent $96 million refinancing of the Motto complex, signals that seasoned owners are repositioning assets to capitalize on the incentive‑driven pipeline. As more developers follow Nalcorp’s playbook, the Bronx could see a wave of similar conversions, reshaping its industrial corridors into vibrant, mixed‑use neighborhoods. This trend not only boosts local employment during construction but also positions the borough as a competitive arena for both domestic and international real‑estate investors.

Deal Summary

Altmark Group sold three adjacent parcels in the Bronx’s Mott Haven neighborhood to LLC 122 Blvd 134 St, tied to Anshel Fridman of Nalcorp and Artist Construction, for $21.7 million. The deal, filed Thursday, includes a $15.72 million mortgage from Bank Hapoalim and will enable three 99‑unit, 14‑story residential buildings.