Andrew Impagliazzo signs $10.8M refi with PCSB Bank in Mott Haven

Andrew Impagliazzo through the entity 191 Bruckner LLC as borrower signed a refi loan with lender PCSB Bank valued at $10.8 million for eight industrial properties including the industrial building (G2) at 682 East 137th Street in Mott Haven, Bronx, industrial building (E9) at 687 East 137th Street in Mott Haven, Bronx, and industrial building (G7) at 681 East 136th Street in Mott Haven, Bronx.
The deal closed on October 17, 2023 and was recorded on October 26, 2023. The prior lender was TD Bank which held debt that had an original loan amount of $8.8 million.The eight properties have 53,660 square feet of built space and 111,638 square feet of additional air rights for a total buildable of 165,070 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $201 and the price per buildable square foot is $65 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 Andrew Impagliazzo was Andrew C. Impagliazzo. The signatory for PCSB Bank was Michael J. Schiliro.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 682 East 137th Street.

The property

The parcel has frontage of 315 feet and is 231 feet deep with a total lot size of 40,933 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.1 million.

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 received $2,150 in OATH penalties 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 2 times the average sales volume among other neighborhoods with $700 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.3 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Bronx. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 682 East 137th Street, PincusCo has identified the owners of one of the 15 commercial properties representing zero square feet of the 86,304 square feet. The identified owner is City Of New York.
On the tax block, there was one new building construction project filed totaling 6,666 square feet. It is a 6,666 square-foot business (B) building submitted by Gideon Etra with plans filed March 4, 2016 and permitted October 25, 2019.

The majority, or 89 percent of the 86,304 square feet of built space are industrial buildings, with mixed-use buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that Andrew Impagliazzo owned at least three commercial properties with 29 residential units in New York City with 80,064 square feet and a city-determined market value of $18.7 million. (Market value is typically about 50% of actual value.) The portfolio has $41 million in debt, borrowed from Cantor Commercial Real Estate Lending and Sterling National Bank. Within the portfolio, the bulk, or 53 percent of the 80,064 square feet of built space are mixed-use properties, with walkup properties next occupying 40 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Queens next at 40 percent of the space.

Direct link to Acris document. link