Bastone family signs $5.8M loan with Galinn Fund for The Pine restaurant in Bronx

The Bastone family through the entity 1911-1913 Bronxdale Avenue Realty LLC as borrower signed a loan with lender Galinn Fund through the entity The Galinn Fund LLC valued at $5.8 million for five tax lots that form the location of the The Pine restaurant and banquet hall, including the retail building (K1) at 1907 Bronxdale Avenue in Van Nest, Bronx, mixed-use building (K4) at 1913 Bronxdale Avenue in Van Nest, Bronx, and parking (G7) at 1903 Bronxdale Avenue in Van Nest, Bronx. The main address for the restaurant is 1913 Bronxdale Avenue.
The deal closed on June 10, 2026 and was recorded on June 18, 2026. A prior lender, Noble Capital Management, provided debt that had an original loan amount of $3 million. The five properties have 15,996 square feet of built space and 16,525 square feet of additional air rights for a total buildable of 32,487 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $362 and the price per buildable square foot is $178 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 the Bastone family was Anthony Bastone. There is a $3 million loan originated in 2018 and held by Noble Capital Management which does not have a record of being assigned or satisfied. The $5.8 million loan is all new debt and does not make reference to the $3 million loan.

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 1907 Bronxdale Avenue.

Prior sales, articles and revenue

Out of the five properties, two with a total of 15,996 square feet of built space generated revenue of $550,184 per year.

The property

The retail building in Van Nest has frontage of 75 feet and is 94 feet deep with a total lot size of 11,755 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 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 Van Nest, The bulk, or 29 percent of the 3.6 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 28 percent of the space. In sales, Van Nest has the 36th highest sale turnover among other neighborhoods in Bronx with $21.8 million in sales volume in the last two years. For development, Van Nest has had very little major development activity relative to other neighborhoods.It had 85,879 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 1907 Bronxdale Avenue, PincusCo has identified the owners of five of the nine commercial properties representing 15,996 square feet of the 15,996 square feet. The identified owner is Anthony Bastone.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 15,996 square feet of built space are retail buildings, with mixed-use buildings next occupying 42 percent of the space.

The borrower

The PincusCo database currently indicates that Anthony Bastone owned at least five commercial properties with one residential unit in New York City with 15,996 square feet and a PincusCo-determined asset value of $6.6 million. Within the portfolio, the bulk, or 57 percent of the 15,996 square feet of built space are retail properties, with mixed-use properties next occupying 42 percent of the space.

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