Abraham Grunbaum, Emeric Weinstock sign $19.3M refi for 62-unit project in Bedford Park
Abraham Grunbaum and Emeric Weinstock through the entity Valentine 26 LLC as borrower signed a refi loan with lender Bank of Princeton through the entity The Bank Of Princeton valued at $19.3 million for a 62-unit project at 2895 Valentine Avenue in Bedford Park, Bronx.
On the lot, there is one active new building construction project for a 62-unit, 38,412 square-foot R-2 building. The project was submitted by Ami Weinstock and filed by Ami Weinstock with plans filed September 17, 2021 and permitted May 19, 2022.
The deal closed on September 29, 2023 and was recorded on October 10, 2023. The prior lender was S3 Capital which held debt that had an original loan amount of $12.5 million.
The signatory for Abraham Grunbaum and Emeric Weinstock was Abraham Grunbaum and Emeric Weinstock. The signatory for Bank of Princeton was Peggy Lane.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, seven housing violations, and $1,610 in OATH penalties in the last year.
The block
On this tax block, PincusCo has identified the owners of 10 of the 18 commercial properties representing 363,242 square feet of the 457,904 square feet. The largest owner is Prana Investments, followed by Patrick O’Connell and then MP Management.
On the tax block, there was one new building construction project filed totaling 38,412 square feet. It is a 62-unit, 38,412 square-foot residential (R-2) building submitted by Ami Weinstock and filed by Ami Weinstock with plans filed September 17, 2021 and permitted May 19, 2022.
The majority, or 62 percent of the 457,904 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.
The borrower
The PincusCo database currently indicates that Abraham Grunbaum owned at least two commercial properties with nine residential units in New York City with 8,965 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio has $10.5 million in debt, borrowed from S3 Capital. Within the portfolio, the bulk, or 63 percent of the 8,965 square feet of built space are walkup properties, with C0 properties next occupying 37 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Bronx next at 37 percent of the space.
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