Better Haven Foundation signs $30.4M acquisition loan with M&T Bank for residential elevator in Williamsbridge

Better Haven Foundation through the entity 720 E 216 LL as borrower signed a acquisition loan with lender M&T Bank valued at $30.4 million for the 66-unit residential elevator building (D1) at 720 East 216th Street in Williamsbridge, Bronx.
The deal closed on July 3, 2024 and was recorded on July 29, 2024. The property has 44,620 square feet of built space and 111 square feet of additional air rights for a total buildable of 44,720 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $681 and the price per buildable square foot is $680 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 3, 2024, for $26.6 million. The signatory for Better Haven Foundation was Shannon Chang and Jodi Sturgeon. Jodi Sturgeon is CEO Phinational.

The property

The residential elevator building with 66 residential units in Williamsbridge has 44,620 square feet of built space and 111 square feet of additional air rights for a total buildable of 44,720 square feet according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 189 feet deep with a total lot size of 11,180 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $758,000. The most recent loan totaled $19.2 million and was provided by Metropolitan Commercial Bank on May 17, 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 one DOB violation and $1,185 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 5, 2024. 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 four of the 17 commercial properties representing 12,036 square feet of the 36,545 square feet. The largest owner is Ahmed M. Alkaifi, followed by Mendel Tessler and then SKF Development.
On the tax block, there were two new building construction projects totaling 6,935 square feet. The largest is a two-unit, 4,725 square-foot residential (R-3) building submitted by Afshin Dilmanian with plans filed November 28, 2016 and it has not been permitted yet. The second largest is a two-unit, 2,210 square-foot residential (R-3) building submitted by Afshin Dilmanian with plans filed November 28, 2016 and it has not been permitted yet.

The majority, or 55 percent of the 36,545 square feet of built space are mixed-use buildings, with walkup buildings next occupying 27 percent of the space.

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