Aglin Zefi signs $12.5M construction loan for 55-unit project in Mt Hope

66 East 177th Street (Credit - Google)

66 East 177th Street (Credit - Google)

Aglin Zefi through the entity 66 East 177th LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $12.5 million for the 55-unit project at 66 East 177th Street in Mt Hope, the Bronx.
On the lot, there is one active new building construction project for a 55-unit, 36,923 square-foot R-2 building. The project was submitted by Aglin Zefi and filed by Aglin Zefi with plans filed February 3, 2022 and permitted April 10, 2023.
The deal closed on October 17, 2023 and was recorded on October 20, 2023. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $1.5 million.The property has 4,402 square feet of built space and 37,618 square feet of additional air rights for a total buildable of 37,618 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $333 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 owner bought the property on February 16, 2022, for $2.4 million. The signatory for Aglin Zefi was Aglin Zefi. The signatory for NorthEast Community Bank was Raymond L. Francis.

The property

The parcel has frontage of 50 feet and is 125 feet deep with a total lot size of 6,249 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $918,000.

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 $1.8 million in ECB penalties and $20,375 in OATH penalties in the last year.

The neighborhood

In Mt Hope, The majority, or 57 percent of the 11 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Mt Hope has the 18th highest sale turnover among other neighborhoods in Bronx with $90 million in sales volume in the last two years. For development, Mt Hope has had very little major development activity relative to other neighborhoods. It had 512,656 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 281,300 square feet of the 396,535 square feet. The largest owner is Michael Goldberg, followed by Joseph Friedman and then City Of New York.
On the tax block, there was one new building construction project filed totaling 36,923 square feet. It is a 55-unit, 36,923 square-foot residential (R-2) building submitted by Aglin Zefi and filed by Aglin Zefi with plans filed February 3, 2022 and permitted April 10, 2023.

The majority, or 51 percent of the 396,535 square feet of built space are elevator buildings, with specialty buildings next occupying 39 percent of the space.

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