Altmark Group signs $9.8M refi for three properties in Mott Haven

Altmark Group through the entity 122 Bruckner Development LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank through the entity Metropolitan Commercial Bank valued at $9.8 million for three properties including the industrial building (G9) at 517 East 132nd Street in Mott Haven, Bronx, industrial building (F5) at 519 East 132nd Street in Mott Haven, Bronx, and specialty building (Z9) at 122 Bruckner Boulevard in Mott Haven, Bronx.
The deal closed on February 25, 2025 and was recorded on March 11, 2025. The prior lender was Provident Bank which held debt that had an original loan amount of $9 million.The three properties have 19,866 square feet of built space and 152,917 square feet of additional air rights for a total buildable of 172,774 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $495 and the price per buildable square foot is $57 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 Altmark Group was Barry Altmark. The signatory for Metropolitan Commercial Bank was Ross Dahmen and Jay Shah .

Prior sales and revenue

Out of the three properties, two with a total of 19,866 square feet of built space generated revenue of $251,094 per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 1.2 times the average sales volume among other neighborhoods with $315.7 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.5 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Bronx. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 517 East 132nd Street, PincusCo has identified the owners of eight of the 19 commercial properties representing 41,713 square feet of the 140,573 square feet. The largest owner is Ramin Gorjian, followed by Jacob Schwimmer and then Altmark Group.
On the tax block, there were two new building construction projects totaling 495,237 square feet. The largest is a 447-unit, 318,084 square-foot residential (R-2) building submitted by Jacob Schwimmer and filed by Jacob Scwhimmer with plans filed December 22, 2021 and permitted December 28, 2023. The second largest is a 224-unit, 177,153 square-foot residential (R-2) building submitted by Isaac Feuerwerger and filed by Isaac Feuerwerger with plans filed September 26, 2019 and it has not been permitted yet.

The majority, or 85 percent of the 140,573 square feet of built space are industrial buildings, with walkup buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Altmark Group owned at least 13 commercial properties with 24 residential units in New York City with 388,693 square feet and a city-determined market value of $40.4 million. (Market value is typically about 50% of actual value.) The portfolio has $82.3 million in debt, with top three lenders as Dime Community Bank, TriState Capital Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 68 percent of the 388,693 square feet of built space are industrial properties, with specialty properties next occupying 26 percent of the space. The bulk, or 98 percent of the built space, is in Bronx, with Manhattan next at 2 percent of the space.

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