Abraham Sieger signs $23M refi loan with Cross River Bank for specialty in Eastchester

Abraham Sieger through the entity Jacob’s Ladder Realty LLC as borrower signed a refi loan with lender Cross River Bank valued at $23 million for the specialty building (I7) at 3200 Baychester Avenue in Eastchester, Bronx.

On the lot, there was a major alteration construction project for a 117,954 square-foot I-2 building. The project was submitted by Abraham Sieger with plans filed November 2, 2017 and permitted February 20, 2020.

The deal closed on January 31, 2024 and was recorded on February 5, 2024. The prior lender was M&T Bank which held debt that had an original loan amount of $22 million.The property has 117,954 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $194 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Abraham Sieger was Abraham Sieger. The signatory for Cross River Bank was Adam Goller.

The property

The specialty building in Eastchester has 117,954 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 231 feet and is 460 feet deep with a total lot size of 142,299 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $32.9 million. The most recent loan totaled $22 million and was provided by M&T Bank on October 27, 2022.

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 four DOB violations and $3,025 in OATH penalties in the last year.

The neighborhood

In Eastchester, The bulk, or 49 percent of the 3.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 18 percent of the space. In sales, Eastchester has had very little sales volume relative to other neighborhoods with $80.3 million in sales volume in the last two years. For development, Eastchester has had very little major development activity relative to other neighborhoods.It had 18,068 square feet of commercial and multi-family construction under development in the last two years, which represents 0.48 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 117,954 square feet on the block.The identified owner is Abraham Sieger.
There are no active new building construction projects on this tax block.

All properties are specialty.

The borrower

The PincusCo database currently indicates that Abraham Sieger owned at least one commercial property in New York City with 117,954 square feet and a city-determined market value of $32.9 million. (Market value is typically about 50% of actual value.) The portfolio has $22 million in debt, borrowed from M&T Bank. The portfolio consists of at least a single specialty property. It is located in Bronx.

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