UPDATED 7:50 p.m., June 24, 2025: The entity MMG 6 Morris REO, LLC, an affiliate of Midwest Financial, acquired through a $1 million judicial foreclosure auction, the 61-unit residential elevator building (D1) at 2710 Morris Avenue in Fordham Manor, Bronx. The expected use is holding for sale. The former owner was City Skyline Realty, which borrowed $10 million in 2021, secured by this property. That loan fell into default. An affiliate of Allegiance Financial Group bought the note and pursued the foreclosure. It is unclear if Allegiance Financial Group retains an ownership stake in the property.
The deal closed on June 9, 2025 and was recorded on June 23, 2025. The property has 85,956 square feet of built space and 15,717 square feet of additional air rights for a total buildable of 101,738 square feet according to a PincusCo analysis of city data.
The seller bought the property on March 13, 2017, for $11.1 million. The signatory for City Skyline Realty was Barry Salman. The signatory for Allegiance Financial Group and Midwest Financial was Timothy P. Sheehan . Allegiance Financial Group through the entity MMG Investments VI, LLC on June 28, 2024, bought a $10 million originated by the lender now known as Peapack Private Bank & Trust, in 2021. According to the court, following the sale, “That there remains a deficiency of $13,296,001.71, due upon said judgment of foreclosure and sale.”
A team led by Greg Corbin of Northgate Real Estate Group has the exclusive listing to sell the property, with an expected launch date of July 1.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Allegiance Financial Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller City Skyline Realty had not purchased any other properties and sold two properties in one transaction for a total of $4.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Richard Gilfoil, head officer and Ed Allen, site manager. The business entity is 2710 Morris Llc.
The property
The residential elevator building with 61 residential units in Fordham Manor has 85,956 square feet of built space and 15,717 square feet of additional air rights for a total buildable of 101,738 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 115 feet deep with a total lot size of 16,900 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 $3.4 million. The most recent loan totaled $10 million and was provided by Peapack-Gladstone Bank on July 30, 2021. The property has 58 rent regulated units according to city tax records from 2023.
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 received one DOB violation, $1,250 in ECB penalties, 92 housing violations, and one housing litigation in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 397,517 square feet of the 473,815 square feet. The largest owner is Toporovsky Realty Group, followed by Douglas Peterson and then Ved Parkash.
On the tax block, there were two new building construction projects totaling 50,082 square feet. The largest is a 36-unit, 38,242 square-foot residential (R-2) building submitted by Sakander Raja with plans filed May 8, 2019 and permitted June 1, 2022. The second largest is a 22-unit, 11,840 square-foot residential (R-2) building submitted by Erjon Pacaj and filed by Erjon Pacaj with plans filed January 14, 2025 and it has not been permitted yet.
The majority, or 71 percent of the 473,815 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.
The seller
The PincusCo database currently indicates that City Skyline Realty owned at least 44 commercial properties with 1,254 residential units in New York City with 1,077,738 square feet and a city-determined market value of $91.5 million. (Market value is typically about 50% of actual value.) The portfolio has $68 million in debt, with top three lenders as Arbor Realty Trust, Signature Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 69 percent of the 1,077,738 square feet of built space are walkup properties, with elevator properties next occupying 31 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Bronx next at 36 percent of the space.
UPDATED: The post was updated with broker listing information.
