Blue Sky Builders signs $34M refi for new 100-unit building in East Morrisania

Blue Sky Builders through the entity Gws East 170 LLC as borrower signed a refi loan with lender Wells Fargo valued at $34 million for the 100-unit residential elevator building (D7) at 806 East 170th Street in East Morrisania, Bronx.

On the lot, there was a new building construction project, X00696576, for a 100-unit, 69,622-square-foot residential (R-2) building. The project was submitted by Charles Schwartz with plans filed March 22, 2022 and permitted August 23, 2023.
The deal closed on June 10, 2025 and was recorded on July 11, 2025. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $30.4 million. The property has 79,685 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $426 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 Blue Sky Builders was David Grunfeld . The signatory for Wells Fargo was Anthony J. Boucino .

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Joel Wieder, head officer. The business entity is Gws East 170 Llc. The 79,685-square-foot property generated revenue of $2.4 million or $30 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 100 residential units in East Morrisania has 79,685 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 127 feet deep with a total lot size of 15,480 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $211,000. The most recent loan totaled $30.4 million and was provided by NorthEast Community Bank on May 15, 2024.

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 $7,500 in ECB penalties and $7,600 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 14 of the 24 commercial properties representing 187,440 square feet of the 218,186 square feet. The largest owner is Lemle & Wolff, followed by Alma Realty and then Keyou Keypour.
On the tax block, there were three new building construction projects totaling 37,923 square feet. The largest is a 29-unit, 17,243 square-foot residential (R-2) building submitted by Charles Schwartz with plans filed March 23, 2022 and permitted May 11, 2023. The second largest is a 28-unit, 16,226 square-foot residential (R-2) building submitted by Charles Schwartz with plans filed March 22, 2022 and permitted August 23, 2023.

The majority, or 54 percent of the 218,186 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.

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