Angelo Gordon, Spaxel sign $8.4M refi for newly built 44-unit rental in Bedford Park

Angelo Gordon and Spaxel through the entity AG-Spaxel 3168 Property Owner, L.L.C. as borrower signed a refi loan with lender Amalgamated Bank valued at $8.4 million for the 44-unit residential elevator building (D1) at 3168 Villa Avenue in Bedford Park, Bronx.
The deal closed on March 5, 2024 and was recorded on March 11, 2024. The prior lender was Webster Bank which held debt that had an original loan amount of $7.3 million.
The property has 27,605 square feet of built space and 2,499 square feet of additional air rights for a total buildable of 30,093 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $304 and the price per buildable square foot is $279 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 April 9, 2021, for $1.6 million. The signatory for Angelo Gordon and Spaxel was Doug Profenius. The signatory for Amalgamated Bank was Nicole Carroll.

The property

The residential elevator building with 44 residential units in Bedford Park has 27,605 square feet of built space and 2,499 square feet of additional air rights for a total buildable of 30,093 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 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 $1.6 million. The most recent loan totaled $7.3 million and was provided by Sterling National Bank on April 9, 2021.

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 one DOB violation and $6,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 27, 2023.

The block

On this tax block, PincusCo has identified the owners of 14 of the 35 commercial properties representing 550,939 square feet of the 692,776 square feet. The largest owner is Zef Dedaj, followed by Sergey Voskin and then Related Companies.
On the tax block, there were 10 new building construction projects totaling 195,871 square feet. The largest is a 40-unit, 44,318 square-foot residential (R-2) building submitted by Zdzislaw Czerny with plans filed October 27, 2015 and it has not been permitted yet. The second largest is a 66-unit, 43,170 square-foot residential (R-2) building submitted by Laquila Group and filed by Dino Tomassetti with plans filed April 5, 2019 and permitted January 14, 2021.

The majority, or 77 percent of the 692,776 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Spaxel owned at least 16 commercial properties with 84 residential units in New York City with 56,119 square feet and a city-determined market value of $11.1 million. (Market value is typically about 50% of actual value.) The portfolio has $46.1 million in debt, borrowed from Metropolitan Commercial Bank and Sterling National Bank. Within the portfolio, the bulk, or 49 percent of the 56,119 square feet of built space are elevator properties, with V0 properties next occupying 42 percent of the space. They are all located in Bronx.
The PincusCo database currently indicates that Angelo Gordon owned at least five commercial properties with 176 residential units in New York City with 767,851 square feet and a city-determined market value of $208 million. (Market value is typically about 50% of actual value.) The portfolio has $97 million in debt, with top three lenders as Metropolitan Commercial Bank, Ladder Capital, and Aareal Capital respectively. Within the portfolio, the bulk, or 81 percent of the 767,851 square feet of built space are office properties, with elevator properties next occupying 15 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Bronx next at 15 percent of the space.

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