Bronx Pro Group signs $26.5M renovation loan for two properties in Bronx

Bronx Pro Group through the entity TPT Morris LLC as borrower signed a renovation loan with lender JPMorgan Chase valued at $26.5 million for two properties with 39 residential units including the 28-unit residential elevator building (D4) at 2384-2386 Morris Avenue in Fordham Heights, Bronx and 11-unit walkup building (C6) at 1966 University Avenue in Morris Heights, Bronx.
The deal closed on December 20, 2023 and was recorded on December 29, 2023. The two properties have 47,986 square feet of built space and 18,098 square feet of additional air rights for a total buildable of 66,068 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $551 and the price per buildable square foot is $400 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.)

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2384-2386 Morris Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Salvatore D’Avola, head officer and Gjon Chota, agent. The business entities are Bronx Pro Group LLC and Neighborhood Restore HDFC.

The property

The parcel has frontage of 73 feet and is 90 feet deep with a total lot size of 6,804 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million.
The parcel has frontage of 43 feet and is 169 feet deep with a total lot size of 7,299 square feet. 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 $560,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three DOB violations, 49 housing violations, $5,830 in OATH penalties, and one housing litigation in the last year.

Development

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 the tax block of 2384-2386 Morris Avenue, PincusCo has identified the owners of five of the 16 commercial properties representing 160,873 square feet of the 495,608 square feet. The largest owner is Anthony Gazivoda, followed by Chestnut Holdings and then DSA Property Group.
On the tax block, there was one new building construction project filed totaling 29,440 square feet. It is a 51-unit, 29,440 square-foot residential (R-2) building submitted by Gjek Popaj and filed by Gjek Popaj with plans filed November 17, 2020 and permitted April 15, 2022.

The majority, or 51 percent of the 495,608 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.

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