Bronx Pro Group borrows $27M from JPMorgan Chase for new construction in Tremont

Peter Magistro’s Bronx Pro Group signed a construction loan agreement with lender JPMorgan Chase valued at $27.4 million for 1 parcel, including the tax class miscellaneous open space (Z9) at 4697 3rd Avenue in Tremont. The deal closed on December 11, 2019 and was recorded on January 6, 2020.
The property has 47,705 square feet of available development rights.
The average loan per buildable square foot is $659.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 46,159 square feet. Those plans include a total of 53 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link