Aleksandr Gilkarov signs $11.8M construction loan for new dev in Morrisania

Aleksandr Gilkarov of Bolex Capital Group through the entity 3230 Third Av., LLC as borrower signed a new construction loan with lender NorthEast Community Bank through the entity Northeast Community Bank valued at $11.8 million for the 86-unit project at 3230 3rd Avenue in Morrisania, Bronx.
On the lot, there is one active new building construction project for a 86-unit, 24,814 square-foot hotel (R-1) building. The project was submitted by Samir Patel with plans filed March 15, 2019 and permitted May 16, 2023.
The deal closed on July 20, 2023 and was recorded on August 24, 2023.
The owner bought the property on March 22, 2022, for $2.3 million. The signatory for Bolex Capital Group was Aleksandr Gilkarov and Roman Matatov.

Prior sales and revenue

The 14,000-square-foot property generated revenue of $327,880 or $23 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Morrisania has 14,000 square feet of built space and 11,100 square feet of additional air rights for a total buildable of 25,122 square feet according to a PincusCo analysis of city data. The parcel has frontage of 67 feet and is 113 feet deep with a total lot size of 7,303 square feet. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $1.4 million.

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 $5,000 in ECB penalties and $5,600 in OATH penalties in the last year.

The neighborhood

In Morrisania, The majority, or 52 percent of the 25.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $246.7 million in sales volume in the last two years. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 365,906 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 32 commercial properties representing 161,183 square feet of the 268,734 square feet. The largest owner is Yousef Lati, followed by New York City Housing Authority and then Neighborhood Restore.
On the tax block, there were four new building construction projects totaling 46,607 square feet. The largest is a 86-unit, 24,814 square-foot hotel/dormitory/shelter (R-1) building submitted by Samir Patel with plans filed March 15, 2019 and permitted May 16, 2023. The second largest is a 10-unit, 9,363 square-foot residential (R-2) building submitted by Ali Saleh with plans filed June 6, 2016 and permitted March 15, 2021.

The majority, or 44 percent of the 268,734 square feet of built space are walkup buildings, with elevator buildings next occupying 26 percent of the space.

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