Ben Hur Investments signs $20M refi with Metropolitan Commercial for mixed-use building in Longwood

Ben Hur Investments through the entity Hg Bronx LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $20 million for the mixed-use building (K2) at 1045 Southern Boulevard in Longwood, Bronx.
The deal closed on December 9, 2021 and was recorded on December 22, 2021.
The property has 49,984 square feet of built space and 73,914 square feet of additional air rights for a total buildable of 124,032 square feet according to PincusCo analysis of city data. The loan price per built square foot is $400 and the price per buildable square foot is $161 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 Ben Hur Investments was Jerry Harary.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $288,950.
Within a 400-foot radius of 1045 Southern Boulevard, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 15, 2020 for the $5 million renovation of 53,211-square-foot I-1 building with 63 residential units at 1050 Westchester Avenue.
One of those three items was a sale which Democracy Prep New York Charter Schools bought the 15,165-square-foot, seven-unit retail building (K1) on 1000 Westchester Avenue for $7.9 million from Peter Fine on March 19, 2021.
One of those three items was a loan which Jung Yong Park borrowed $11.5 million from Flushing Bank secured by the 63,608-square-foot, 61-unit rental (D7) on 1054 Southern Boulevard on May 24, 2021.

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