Abraham Biller signs $8.7M construction loan with NorthEast Community for 31-unit project in Longwood

Abraham Biller through the entity 672 Union LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $8.7 million for the 31-unit development at 672 Union Avenue in Longwood, Bronx.

On these lots, there is one active new building construction project for a 31-unit, 31,470-square-foot residential (R-2) building. The project was developed by Abraham Biller with plans filed October 15, 2021 and it has not been permitted yet.
The deal closed on July 19, 2022 and was recorded on August 10, 2022.
The signatory for Abraham Biller was Abraham Biller.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 668 Union Avenue.

The property

The 668 Union Avenue parcel has frontage of 37 feet and is 95 feet deep with a total lot size of 3,563 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $176,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $1,030 in ECB penalties and $1,030 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 31-unit, 31,470-square-foot R-2 building. The project was developed by Abraham Biller with plans filed October 15, 2021 and it has not been permitted yet.

The neighborhood

In Longwood, the bulk, or 44 percent of the 22 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Longwood has had very little sales volume relative to other neighborhoods with $238 million in sales volume in the last two years. For development, Longwood has near average amount of major developments among other neighborhoods and is the 11th highest in Bronx. It had 954,790 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 668 Union Avenue, PincusCo has identified the owners of three of the 19 commercial properties representing 45,839 square feet of the 159,637 square feet. The largest owner is Yakov Rothenberg, followed by Israel Frankel and then David Somerstein.
There is one active new building construction project totaling 31,470 square feet. It is a 31-unit, 31,470-square-foot R-2 building developed by Abraham Biller with plans filed October 15, 2021 and permitted July 6, 2022.

The majority, or 58 percent of the 159,637 square feet of built space are walkup buildings, with specialty buildings next occupying 28 percent of the space.

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