Abraham Biller signs $14.9M refi for new 51-unit rental in West Farms

Abraham Biller through the entity 2069 Honeywell LLC as borrower signed a refi loan with lender Orange Bank & Trust Company valued at $14.9 million for the newly built 51-unit rental apartment at 2069 Honeywell Avenue in West Farms, Bronx.
The loan closed on January 25, 2023 and was recorded on February 9, 2023. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $10.2 million.

The signatory for Abraham Biller was Abraham Biller. The signatory for Orange Bank & Trust Company was Antonio J. Vinciguerra.
Abraham Biller through the company 2069 Honeywell LLC, on March 18, was given a permit for construction of a 51-unit, 36,148-square-foot residential building at 2069 Honeywell Avenue in Tremont, the Bronx. The plans, pre-filed on April 7, 2020, call for the construction of a 75-foot tall, eight-story residential building.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Abraham Biller, head officer and Joseph Weiss, agent. The business entity is 2069 Honeywell Llc.

The property

The most recent loan totaled $10.9 million and was provided by Northeast Community Bank on December 9, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 7, 2022.

The neighborhood

In West Farms, the majority, or 66 percent of the 6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 17 percent of the space. In sales, West Farms has had very little sales volume relative to other neighborhoods with $106.9 million in sales volume in the last two years. For development, West Farms has near average amount of major developments among other neighborhoods and is the 6th highest in Bronx. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 375,310 square feet of the 412,412 square feet. The largest owner is NYC Department of Education, followed by Camber Property Group and then Aquinas Housing Corporation.
On the tax block, there were two new building construction projects totaling 40,381 square feet. The largest is a zero-unit, 28,402-square-foot B building developed by Hector Reyes with plans filed December 11, 2019 and it has not been permitted yet.The second largest is a zero-unit, 11,979-square-foot B building developed by Jose Espinal with plans filed September 30, 2022 and it has not been permitted yet.

the majority, or 49 percent of the 412,412 square feet of built space are elevator buildings, with specialty buildings next occupying 41 percent of the space.

The borrower

The PincusCo database currently indicates that Abraham Biller owned at least four commercial properties in New York City with 240 square feet and a city-determined market value of $834,000. (Market value is typically about 50% of actual value.) The portfolio has $19.6 million in debt, borrowed from Northeast Community Bank and NorthEast Community Bank. Within the portfolio, the bulk, or 100 percent of the 240 square feet of built space are specialty properties, with industrial properties next occupying 0 percent of the space. They are all located in Bronx.

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