Atlantis Development signs $14.8M refi with UBS for 44-unit rental in Wakefield
Atlantis Development through the entity 641 E. 223 LLC as borrower signed a refi loan with lender UBS valued at $14.8 million for the 44-unit residential elevator building (D1) at 641 East 223rd Street in Wakefield, Bronx.
The deal closed on April 10, 2024 and was recorded on April 19, 2024. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $8.2 million.
The property has 30,321 square feet of built space and 101 square feet of additional air rights for a total buildable of 30,411 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $486 and the price per buildable square foot is $485 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 February 5, 2018, for $550,000. The signatory for Atlantis Development was Robert Lumaj. The signatory for UBS was Racquel Small and Nicholas Martin.
The property
The residential elevator building with 44 residential units in Wakefield has 30,321 square feet of built space and 101 square feet of additional air rights for a total buildable of 30,411 square feet according to a PincusCo analysis of city data. The parcel has frontage of 88 feet and is 114 feet deep with a total lot size of 10,137 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $222,000. The most recent loan totaled $6 million and was provided by Northeast Community Bank on January 21, 2022.
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 $100 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on September 11, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of seven of the 16 commercial properties representing 141,522 square feet of the 297,723 square feet. The largest owner is Uzi Shvut, followed by Shimon Greisman and then Robert Bauer.
On the tax block, there were two new building construction projects totaling 20,101 square feet. The largest is a 23-unit, 10,141 square-foot residential (R-2) building submitted by Joe Wags with plans filed June 7, 2021 and permitted July 20, 2023. The second largest is a three-unit, 9,960 square-foot residential (R-2) building submitted by Maurice Elmalem with plans filed May 22, 2013 and permitted June 16, 2016.
The majority, or 66 percent of the 297,723 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.
The borrower
The PincusCo database currently indicates that Atlantis Development owned at least four commercial properties with 44 residential units in New York City with 0.0 square feet and a city-determined market value of $809,000. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Northeast Community Bank. Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with V0 properties next occupying 0 percent of the space.
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