Brody, Biner sign $7.3M refi for 25-unit rental in Wakefield
Yoel Brody and Joel Biner through the entity 633 East 230 LLC as borrower signed a refi loan with lender Arion Fund and Git Funding valued at $7.3 million for the 25-unit residential elevator building (D1) at 633 East 230th Street in Wakefield, Bronx.
The deal closed on September 27, 2024 and was recorded on October 22, 2024. The prior lender was Tideway Capital Group which held debt that had an original loan amount of $6.3 million.
The property has 20,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $365 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 June 29, 2022, for $1.5 million. The signatory for Yoel Brody and Joel Biner was Joel M. Biner and Yoel Brony. The signatory for Arion Fund and Git Funding was Jerry Levitin.
The property
The residential elevator building with 25 residential units in Wakefield has 20,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 114 feet deep with a total lot size of 5,742 square feet. 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 $818,000. The most recent loan totaled $6.3 million and was provided by Tideway Capital Group on August 29, 2022.
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 $50 in OATH penalties in the last year.
Development
On the lot, there is one active new building construction project, X00716700, for a 25-unit, 16,655 square-foot R-2 building. The project was submitted by Joel Brody with plans filed April 12, 2022 and permitted July 3, 2023.
The block
On this tax block, PincusCo has identified the owners of four of the 18 commercial properties representing 162,030 square feet of the 277,645 square feet. The two identified owners are Related Companies and Shaya Seidenfeld.
On the tax block, there was one new building construction project filed totaling 16,655 square feet. It is a 25-unit, 16,655 square-foot residential (R-2) building submitted by Joel Brody with plans filed April 12, 2022 and permitted April 24, 2023.
The majority, or 74 percent of the 277,645 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.
The borrower
The PincusCo database currently indicates that Joel Biner owned at least five commercial properties with 78 residential units in New York City with 6,628 square feet and a city-determined market value of $3.5 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Tideway Capital Group. Within the portfolio, the bulk, or 51 percent of the 6,628 square feet of built space are C0 properties, with D1 properties next occupying 49 percent of the space. The bulk, or 51 percent of the built space, is in Brooklyn, with Bronx next at 49 percent of the space.
The PincusCo database currently indicates that Yoel Brody owned at least one commercial property with 25 residential units in New York City with 3,240 square feet and a city-determined market value of $818,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single D1 property. It is located in Bronx.
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