Anshel Fridman signs $25.1M construction loan for 89-unit dev site in Mott Haven
Anshel Fridman through the entity 91 Bruckner Blvd LLC as borrower signed a new construction loan with lender Bank Hapoalim valued at $25.1 million for the development site (V1) at 91 Bruckner Boulevard in Mott Haven, Bronx.
On these lots, there is one active new building construction project for a 89-unit, 60,999 square-foot R-2 building. The project was submitted by Anshel Fridman and filed by Anshel Fridman with plans filed January 19, 2022 and permitted April 28, 2022.
The deal closed on January 25, 2024 and was recorded on February 12, 2024. The prior lender was anonymous and registered with Jeffrey Zwick & Associates and held debt that had an original loan amount of $4.4 million.
The two properties have 24,500 square feet of built space and 55,977 square feet of additional air rights for a total buildable of 60,993 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $411 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 Anshel Fridman was Anshel Fridman. The signatory for Bank Hapoalim was Ilana Druyan and David Kesselman.
Prior sales and revenue
The two properties with a total of 24,500 square feet of built space generated revenue of $419,295 per year or $17 per square foot.
The property
The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 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 seven DOB violations and $3,170 in OATH penalties in the last year.
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 1.8 times the average sales volume among other neighborhoods with $529.1 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.2 times the average amount of major developments relative to other neighborhoods and is the 4th 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 3 percent of the neighborhood’s built space.
The block
On the tax block of 91 Bruckner Boulevard, PincusCo has identified the owners of five of the 14 commercial properties representing 106,008 square feet of the 196,682 square feet. The largest owner is Martin Spitzer, followed by Jacob Schwimmer and then Hybrid Capital.
On the tax block, there were three new building construction projects totaling 106,349 square feet. The largest is a 89-unit, 60,999 square-foot residential (R-2) building submitted by Anshel Fridman and filed by Anshel Fridman with plans filed January 19, 2022 and permitted April 28, 2022. The second largest is a 55-unit, 36,850 square-foot residential (R-2) building submitted by Jacob Schwimmer and filed by Jacob Schwimmer with plans filed June 17, 2020 and it has not been permitted yet.
The majority, or 52 percent of the 196,682 square feet of built space are elevator buildings, with industrial buildings next occupying 29 percent of the space.
The borrower
The PincusCo database currently indicates that Anshel Fridman owned at least 11 commercial properties with 482 residential units in New York City with 448,655 square feet and a city-determined market value of $42 million. (Market value is typically about 50% of actual value.) The portfolio has $148.4 million in debt, with top three lenders as Kearny Bank, Arbor Realty Trust, and Starwood Capital Group respectively. Within the portfolio, the bulk, or 44 percent of the 448,655 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Bronx next at 3 percent of the space.
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