Abraham Strulovitch signs $49.5M refi loan with Sterling National Bank for parcel in Tremont

Abraham Strulovitch through the entity Harrico LLC as borrower signed a refi loan with lender Sterling National Bank valued at $49.5 million for the parcel at 1850 Jerome Avenue in Tremont, Bronx.
The deal closed on May 5, 2021 and was recorded on July 12, 2021. The financing includes a $38 million gap loan.
The property has 178,785 square feet of built space and 0 square feet of additional air rights for a total buildable of 52,617 square feet according to PincusCo analysis of city data. The loan price per built square foot is $276 per the PincusCo analysis.
The owner bought the property on 27-Dec-05, for $2.5 million.
The signatory for Abraham Strulovitch was Abraham Strulovitch.
(220601695) Plans for a 164-unit, 149,784 square-foot R-2 were filed on June 22, 2017 and were permitted on June 26, 2020.
Within a 400-foot radius of 1850 Jerome Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on October 27, 2020 for a 31,429-square-foot R-2 building with 55 residential units at 21 Mt Hope Place.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 23, 2020 for the $576,750.0 renovation of 7,690-square-foot M building with N/A residential units at 1785 Jerome Avenue.

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