Aleksander Gilkarov signs $14M refi loan with Kearny Bank for 44-unit dev project in Fordham Heights

Aleksander Gilkarov through the entity 2073 Anthony LLC as borrower signed a refi loan with lender Kearny Bank valued at $14 million for the development building (V0) at 2075 Anthony Avenue in Fordham Heights, Bronx.

On the lot, there is one active new building construction project for a 44-unit, 21,629 square-foot R-2 building. The project was developed by Alex Gilkarov with plans filed February 13, 2020 and permitted July 24, 2020.

The deal closed on November 10, 2022 and was recorded on November 18, 2022. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $8.5 million.The property has zero square feet of built space and 30,100 square feet of additional air rights for a total buildable of 30,100 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $465 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 July 12, 2019, for $800,000. The signatory for Aleksander Gilkarov was Aleksander Gilkarov. The signatory for Kearny Bank was Francis McCauley.

The property

The 2075 Anthony Avenue parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The lot is irregular. 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 $602,000. The most recent loan totaled $7.5 million and was provided by Northeast Community Bank on November 18, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

The neighborhood

In Fordham Heights, the bulk, or 45 percent of the 16 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 36 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $127 million in sales volume in the last two years. For development, Fordham Heights has 1.2 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Bronx. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 17 of the 34 commercial properties representing 877,037 square feet of the 1,077,297 square feet. The largest owner is Acmh, followed by Ved Parkash and then L+M Development Partners.
On the tax block, there were 14 new building construction projects totaling 602,560 square feet. The largest is a 111-unit, 75,672-square-foot R-2 building developed by Arben Mitaj with plans filed September 29, 2020 and permitted October 20, 2021. The second largest is a 102-unit, 67,673-square-foot R-2 building developed by Gzim Hasandjekic with plans filed March 5, 2020 and permitted June 3, 2022.

The majority, or 72 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

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