Bayrock Capital signs $6M refi land loan with Levon Capital for 49-unit dev site in Soundview

Bayrock Capital through the entity 1499 Bruckner LLC as borrower signed a refi loan with lender Levon Capital through the entity Levon NY CDXXIII LLC valued at $6 million for the development site at 1499 Bruckner Boulevard in Soundview, Bronx.

On the lot, there is one active new building construction project, X00955123, for a 49-unit, 61,305 square-foot R-2 building. The project was submitted by Shia Mendel and filed by Shia Mendel with plans filed December 19, 2023 and permitted September 27, 2024.

ZD1 DOB Zoning Diagram_1499 Bruckner Boulevard

The deal closed on August 11, 2025 and was recorded on August 20, 2025. The prior lender was Levon Capital which held debt that had an original loan amount of $2.6 million.The property has 2,444 square feet of built space and 32,209 square feet of additional air rights for a total buildable of 34,632 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,454 and the price per buildable square foot is $173 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 July 31, 2023, for $5.5 million. The signatory for Bayrock Capital was Daniel Rabinowitz . The signatory for Levon Capital was Shimon Meisels .

Prior sales and revenue

The 2,444-square-foot property generated revenue of $152,460 or $62 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Soundview has 2,444 square feet of built space and 32,209 square feet of additional air rights for a total buildable of 34,632 square feet according to a PincusCo analysis of city data. The parcel has frontage of 137 feet and is 110 feet deep with a total lot size of 14,252 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 $854,000.

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, $33,500 in ECB penalties, and $33,500 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, X00955123, for a 49-unit, 61,305 square-foot R-2 building. The project was submitted by Shia Mendel and filed by Shia Mendel with plans filed December 19, 2023 and permitted September 27, 2024.

The neighborhood

In Soundview, The majority, or 60 percent of the 21.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Soundview has had very little sales volume relative to other neighborhoods with $144.1 million in sales volume in the last two years. For development, Soundview is the 9th most active neighborhood among other neighborhoods. It had 5.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 27 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 74,430 square feet of the 76,470 square feet. The two identified owners are Simcha Applegrad and Moshe Glassman.
On the tax block, there was one new building construction project filed totaling 61,305 square feet. It is a 49-unit, 61,305 square-foot residential (R-2) building submitted by Shia Mendel and filed by Shia Mendel with plans filed December 19, 2023 and permitted September 27, 2024.

The majority, or 94 percent of the 76,470 square feet of built space are walkup buildings, with industrial buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Bayrock Capital owned at least 21 commercial properties with 480 residential units in New York City with 782,634 square feet and a city-determined market value of $175.6 million. (Market value is typically about 50% of actual value.) The portfolio has $390.2 million in debt, with top three lenders as Broadview Capital, Popular Bank, and M&T Bank respectively. Within the portfolio, the bulk, or 82 percent of the 782,634 square feet of built space are hotel properties, with walkup properties next occupying 8 percent of the space. The bulk, or 88 percent of the built space, is in Queens, with Manhattan next at 6 percent of the space.

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