Atlantis Development signs $18M refi with UBS for 49-unit rental in Mt Hope

Atlantis Development through the entity 2001 Creston LLC as borrower signed a refi loan with lender UBS through the entity UBS AG valued at $18 million for the 49-unit residential elevator building (D7) at 2001 Creston Avenue in Mt Hope, Bronx.
The deal closed on July 12, 2024 and was recorded on July 23, 2024. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $8.8 million. The property has 38,402 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $468 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 September 25, 2017, for $1,000,000. The signatory for Atlantis Development was Robert Lumaj.

The property

The residential elevator building with 49 residential units in Mt Hope has 38,402 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 99 feet deep with a total lot size of 5,614 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 $533,000.

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, one housing violation, and $375 in OATH penalties in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 63,559 square feet. The largest, 240299431, is a new building project for a 49-unit, 33,716 square-foot R-2 building submitted by Atlantis Development and filed by Robert Lumaj with plans filed January 4, 2021 and it has not been permitted yet. The second largest, X00481378, is a new building project for a 49-unit, 29,843 square-foot R-2 building submitted by Atlantis Development and filed by Robert Lumaj with plans filed October 15, 2021 and permitted February 3, 2023.

The block

On this tax block, PincusCo has identified the owners of seven of the 16 commercial properties representing 228,360 square feet of the 362,160 square feet. The largest owner is Aron Ginsberg, followed by Bldg Management and then Mount Hope Housing Company.
On the tax block, there were three new building construction projects totaling 71,044 square feet. The largest is a 49-unit, 33,716 square-foot residential (R-2) building submitted by Atlantis Development and filed by Robert Lumaj with plans filed January 4, 2021 and it has not been permitted yet. The second largest is a 49-unit, 29,843 square-foot residential (R-2) building submitted by Atlantis Development and filed by Robert Lumaj with plans filed October 15, 2021 and permitted February 3, 2023.

The majority, or 80 percent of the 362,160 square feet of built space are walkup buildings, with elevator buildings next occupying 19 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 $20.7 million in debt, borrowed from UBS and Northeast Community Bank. Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are V0 properties, with development properties next occupying 0 percent of the space.

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