Benjamin Landa, Leopold Friedman get $59.6M refi for property in Kingsbridge Heights
Benjamin Landa and Leopold Friedman through the entity 3400 Cannon Place LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $59.6 million for the specialty building (I6) at 3400 Cannon Place in Kingsbridge Heights, Bronx.
The deal closed on June 28, 2024 and was recorded on July 10, 2024. The prior lender was KeyBank which held debt that had an original maximum loan amount of $89.2 million. The property has 133,660 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $446 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 4, 2015, for $30 million. The signatory for Benjamin Landa and Leopold Friedman was Benjamin Landa. The signatory for Metropolitan Commercial Bank was Brett Bandazian and Ross Dahmen.
The property
The specialty building in Kingsbridge Heights has 133,660 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 239 feet and is 172 feet deep with a total lot size of 37,355 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $26.3 million. The most recent loan totaled $39.2 million and was provided by KeyBank on October 31, 2019.
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 seven DOB violations, $16,250 in ECB penalties, and $28,925 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 zero square feet. The largest is a major alteration project for a 120,284 square-foot I-2 building submitted by Sam Gutman with plans filed December 8, 2015 and permitted March 1, 2016. The second largest is a major alteration project for a 120,284 square-foot H-2 building submitted by Sam Gutman with plans filed February 26, 2016 and permitted April 21, 2016.
The neighborhood
In Kingsbridge Heights, The majority, or 57 percent of the 10.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 33 percent of the space. In sales, Kingsbridge Heights has the 40th highest sale turnover among other neighborhoods in Bronx with $16.9 million in sales volume in the last two years. For development, Kingsbridge Heights has had very little major development activity relative to other neighborhoods.It had 335,746 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of eight of the 16 commercial properties representing 754,558 square feet of the 769,953 square feet. The largest owner is Ved Parkash, followed by Stagg Group and then Leopold Friedman.
On the tax block, there was one new building construction project filed totaling 97,876 square feet. It is a 121-unit, 97,876 square-foot residential (R-2) building submitted by Stagg Group and filed by Joseph Martino with plans filed August 12, 2015 and it has not been permitted yet.
The majority, or 48 percent of the 769,953 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.
The borrower
The PincusCo database currently indicates that Leopold Friedman owned at least seven commercial properties with 88 residential units in New York City with 712,139 square feet and a city-determined market value of $102.6 million. (Market value is typically about 50% of actual value.) The portfolio has $215.4 million in debt, with top three lenders as Greystone & Co., KeyBank, and Bank of Princeton respectively. Within the portfolio, the bulk, or 85 percent of the 712,139 square feet of built space are specialty properties, with elevator properties next occupying 15 percent of the space. They are all located in Bronx.
The PincusCo database currently indicates that Benjamin Landa owned at least two commercial properties in New York City with 159,230 square feet and a city-determined market value of $58.6 million. (Market value is typically about 50% of actual value.) The portfolio has $89.4 million in debt, with top three lenders as Dwight Capital, BOK Financial, and Peapack-Gladstone Bank respectively. Within the portfolio, all identified are specialty properties. The bulk, or 79 percent of the built space, is in Brooklyn, with Queens next at 21 percent of the space.
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