At the bustling intersection of Morris Avenue and East Burnside Avenue in the West Bronx, foot traffic from the 4 and B/D subway stations keeps corner retail storefronts leased through every cycle. 101 E Burnside Holdings LLC closed on the three-parcel corner assemblage anchored by 2062 Morris Avenue and 101 East Burnside Avenue on August 31, 2026 for $14 million, marking a 42.1 percent step-up over the $9.85 million basis recorded in May 2022. When the deed closed on August 31, 2026, 101 E Burnside Holdings LLC had officially taken down 2062 Morris Avenue from 101 East Burnside LLC for $14 million, with Bronx Investment Sales brokering the trade.

Look past the sticker price and the trade tells a clear story about replacement cost in Bronx. At $491 a square foot—or $583,333 a door across its 18 apartments— across 28,500 square feet, the closing price marks a 42.1 percent step-up over the $9.85 million basis recorded in May 2022. In today's five-borough construction market, buying modern or well-maintained brick at $491 a square foot still beats the time and cost of digging a foundation from scratch. Even better for the buyers, the in-place rent roll hands them a verified 6.40 percent going-in cap rate from day one.

Spencer Savings Bank Rolls an $8.7 Million CEMA at 62 Percent LTV

How you structure the debt on a Bronx acquisition matters almost as much as what you pay for the deed. Spencer Savings Bank, SLA stepped up with a $8.7 million senior loan—representing 62.1 percent loan-to-value—while the buyers wrote a $5.3 million equity check behind it.

Rather than extinguishing the seller's old note and originating a scratch mortgage, the buyers and Spencer Savings Bank, SLA kept the existing mortgage wrapper alive through a Consolidation, Extension, and Modification Agreement, or CEMA. Because New York City levies a roughly 2.8 percent mortgage recording tax on new commercial debt, that single piece of legal plumbing saved the deal upwards of $0.24 million at the closing table—cash that stays in the property's capex and leasing reserve instead of going to the Department of Finance.

From Our Desk

When we look at 2062 Morris Avenue on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. 101 E Burnside Holdings LLC didn't try to fight the tape—they bought Mount Hope / Burnside Corridor footage at $491 a square foot and structured the stack to match the asset's timeline. By executing the $8.7 million Spencer Savings Bank loan via a Consolidation, Extension, and Modification Agreement (ACRIS AGMT), the buyer preserved roughly $240,000 in Bronx mortgage recording tax while locking in 62.1 percent leverage on a high-velocity retail corner.