At the crossroads of Fordham Road and the Grand Concourse in the Bronx, national credit tenants—from footlocker flagships to urgent-care clinics—ring up sales numbers that rival Manhattan avenues at a third of the rent. Infinite Horizons stepped in to buy the 60,000-square-foot terra-cotta corner building at 2480 Grand Concourse from a Vornado affiliate for $19.8 million ($330 a square foot), capturing a 7.5 percent going-in cap rate. When the deed closed on January 16, 2026, infinite Horizons (Jeffreyhirsch) and Ackman-Ziff Syndicate had officially taken down 2480 Grand Concourse from Vornado Realty Trust Affiliate for $19.8 million, with Cushman & Wakefield brokering the trade.

Look past the headline figure and the story is all about the basis reset. The 60,000-square-foot building last traded in March 2015 for $24.5 million. Stepping in at $330 a square foot shaves 19.2 percent off that prior valuation, giving infinite Horizons (Jeffreyhirsch) and Ackman-Ziff Syndicate a margin of safety that would have been unthinkable at the top of the cycle. Even better for the buyers, the in-place rent roll hands them a verified 7.50 percent going-in cap rate from day one.

Webster Bank Finances a 7.5% Cap Yield in the Bronx

The real tell in any Bronx closing sits on the debt side of the ledger. To fund the purchase, infinite Horizons (Jeffreyhirsch) and Ackman-Ziff Syndicate locked in a $12.87 million senior bank acquisition mortgage from Webster Bank at 65 percent loan-to-value.

That loan commitment meant the buyers only needed to write a $6.93 million equity check to control a 4-story, 1931-vintage Fordham asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $6.93 million of real cash equity and a basis of $330 a square foot, lenders like Webster Bank are wide open for business.

From Our Desk

When we look at 2480 Grand Concourse on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and lender selection. infinite Horizons (Jeffreyhirsch) and Ackman-Ziff Syndicate didn't try to fight the tape—they bought Fordham footage at $330 a square foot and paired it with the exact lender bucket built for this business plan. When you can buy a prime Fordham Road corner at $330 a foot yielding 7.5 percent and finance 65 percent of it with Webster Bank, your cash-on-cash return clears double digits on day one.