Ayush Kapahi signs $26.2M refi loan with Popular Bank for 88-unit rental in Bedford Park
Ayush Kapahi and other partners through the entity 189 & 193 E. 205th Realty LLC as borrower signed a refi loan with lender Popular Bank valued at $26.2 million for the 88-unit residential elevator building (D1) at 189-193 East 205th Street in Bedford Park, Bronx.
The deal closed on June 17, 2025 and was recorded on June 27, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $17.9 million. The property has 48,731 square feet of built space and 10,063 square feet of additional air rights for a total buildable of 58,815 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $537 and the price per buildable square foot is $445 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 26, 2021, for $1.3 million. The signatory for Ayush Kapahi was Ayush Kapahi. The signatory for Popular Bank was Dean A. Saltzman .
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Michael Froning, head officer and Jason Alvarez, site manager. The business entity is 189 & 193 E. 205th Realty LLC.
The property
The residential elevator building with 88 residential units in Bedford Park has 48,731 square feet of built space and 10,063 square feet of additional air rights for a total buildable of 58,815 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 134 feet deep with a total lot size of 9,770 square feet. The lot is irregular. 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 $581,000. The most recent loan totaled $17.9 million and was provided by Valley National Bank on February 27, 2023.
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 $550 in OATH penalties 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 block
On this tax block, PincusCo has identified the owners of eight of the 16 commercial properties representing 165,319 square feet of the 332,880 square feet. The largest owner is Skf Development, followed by Richard Sica and then Pale Cotaj.
On the tax block, there were two new building construction projects totaling 88,697 square feet. The largest is a 88-unit, 48,731 square-foot residential (R-2) building submitted by Richard Hertz with plans filed February 23, 2021 and permitted November 3, 2022. The second largest is a 64-unit, 39,966 square-foot residential (R-2) building submitted by HKS Capital Partners and filed by Amanda Hugenkiss with plans filed February 26, 2021 and permitted November 3, 2022.
The majority, or 52 percent of the 332,880 square feet of built space are elevator buildings, with walkup buildings next occupying 46 percent of the space.
The borrower
The PincusCo database currently indicates that Ayush Kapahi owned at least five commercial properties with 421 residential units in New York City with 165,218 square feet and a city-determined market value of $14.2 million. (Market value is typically about 50% of actual value.) The portfolio has $92 million in debt, borrowed from Popular Bank. Within the portfolio, the bulk, or 99 percent of the 165,218 square feet of built space are elevator properties, with development properties next occupying 1 percent of the space. They are all located in Bronx.
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