Chaim Wieder signs $8.8M construction loan for 38-unit project in Morris Heights

Chaim Wieder through the entity 84 West 174 Project LLC as borrower signed a new construction loan with lender Popular Bank through the entity Popular Bank valued at $8.8 million for the property at 86 West 174th Street in Morris Heights, Bronx.
On these lots is a 38-unit, 20,097 square-foot residential (R-2) building submitted by Isaac Rosenberg with plans filed September 1, 2022 and permitted February 28, 2023.
The deal closed on October 13, 2023 and was recorded on October 20, 2023. The property has zero square feet of built space according to a PincusCo analysis of city data. The loan price per planned square foot is $438 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 Chaim Wieder was Chaim Wieder.

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 not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of 24 of the 60 commercial properties representing 719,288 square feet of the 1,193,491 square feet. The largest owner is Sumir P. Sahgal, followed by Denali Management and then Allied Realty & Development.
On the tax block, there were three new building construction projects totaling 60,246 square feet. The largest is a 43-unit, 26,996 square-foot residential (R-2) building submitted by Rupa Mehta with plans filed June 15, 2020 and it has not been permitted yet. The second largest is a 38-unit, 20,097 square-foot residential (R-2) building submitted by Isaac Rosenberg with plans filed September 1, 2022 and permitted February 28, 2023.

The majority, or 57 percent of the 1.2 million square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Chaim Wieder owned at least one commercial property with four residential units in New York City with 4,200 square feet and a city-determined market value of $98,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C3 property. It is located in Bronx.

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