ASLD Realty buys $3.3M note secured by mixed-use in Longwood

ASLD Realty through the entity CI Notes LLC bought a note with an original principal of $3.3 million from Flushing Bank secured by Yakov Jon Basmanov’s mixed-use building (K4) at 815 Westchester Avenue in Longwood, Bronx, and three adjacent lots.
The deal closed on September 23, 2024 and was recorded on September 27, 2024. The prior lender was Flushing Bank which held debt that had an original loan amount of $3.3 million.The four properties have 34,115 square feet of built space and 54,865 square feet of additional air rights for a total buildable of 88,872 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $zero and the price per buildable square foot is $zero 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 Yakov Jon Basmanov was Yakov Jon Basmanov. Yakov Jon Basmanov signed as managing member for the $3.3 million Flushing Bank loan in December 2013. Steve Hackel is a principal with ASLD Realty, a buyer of nonperforming notes, according to Hackel’s LinkedIn page.

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 815 Westchester Avenue.

The property

The mixed-use building in Longwood has 34,115 square feet of built space and 54,865 square feet of additional air rights for a total buildable of 88,872 square feet according to a PincusCo analysis of city data. The parcel has frontage of 246 feet and is 125 feet deep with a total lot size of 30,915 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.8 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 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 Longwood, The bulk, or 44 percent of the 22.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Longwood has had very little sales volume relative to other neighborhoods with $102.8 million in sales volume in the last two years. For development, Longwood has 1.3 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Bronx. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 815 Westchester Avenue, PincusCo has identified the owners of two of the 14 commercial properties representing 94,990 square feet of the 138,963 square feet. The two identified owners are Elizabeth Gaynes and Baruch Teitelbaum.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 138,963 square feet of built space are office buildings, with mixed-use buildings next occupying 32 percent of the space.

Direct link to Acris document. link