$10M pre-foreclosure filed at 61-unit rental in Fordham Manor

2710 Morris Avenue (Credit - Google)

2710 Morris Avenue (Credit - Google)

Peapack-Gladstone Bank filed a pre-foreclosure action alleging a $10 million loan given to City Skyline Realty secured by the 61-unit rental at 2710 Morris Avenue in Fordham Manor, the Bronx, is in default. The lender filed the action in Bronx County and is seeking the sale of the property. LINK

An affiliate of Douglas Peterson’s City Skyline Realty bought the property for $11.1 million on March 13, 2017, and then borrowed $10 million from Peapack-Gladstone Bank on July 30, 2021. City Skyline Realty is a large multifamily owner that has been an active buyer in recent years.

Court filings represent the position of one party and are not necessarily accurate or complete. Douglas Peterson has not yet responded in court papers.

PincusCo has tracked nearly $80 million in acquisitions through 12 transactions for City Skyline Realty.

The 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 $2.9 million. The most recent loan totaled $10 million and was provided by Peapack-Gladstone Bank on July 30, 2021.

The PincusCo database currently indicates that City Skyline Realty owned at least 45 commercial properties with 1,096,114 square feet, 1,277 residential units and a city-determined market value of $90.7 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 70 percent of the 1,096,114 square feet of built space are walkup properties, with elevator properties next occupying 30 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Bronx next at 39 percent of the space.

Direct link to the property’s ACRIS page and link to DOB NOW portal.

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