Chaim Wiesenfeld signs $25.6M construction loan for 71-unit development in Fordham Heights

Chaim Wiesenfeld through the entity Anthony Partners LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $25.6 million for the development site (V0) at 2077 Ryer Avenue in Fordham Heights, Bronx.

On the lot, there is one active new building construction project for a 71-unit, 39,274 square-foot R-2 building. The project was submitted by Yitzchak Joseph with plans filed March 30, 2022 and it has not been permitted yet.

The deal closed on December 21, 2023 and was recorded on December 28, 2023. The prior lender was Skybrook Capital which held debt that had an original loan amount of $3.6 million.

The signatory for Chaim Wiesenfeld was Chaim Wiesenfeld. The signatory for NorthEast Community Bank was Raymond L. Francis.

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 $300 in OATH penalties in the last year.

The neighborhood

In Fordham Heights, The bulk, or 46 percent of the 16.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 35 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $120 million in sales volume in the last two years. For development, Fordham Heights has had very little major development activity relative to other neighborhoods.It had 577,066 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 20 of the 37 commercial properties representing 827,749 square feet of the 1,027,395 square feet. The largest owner is William Schur, followed by Victor Gjonaj and then Ved Parkash.
On the tax block, there were 10 new building construction projects totaling 427,203 square feet. The largest is a 111-unit, 75,672 square-foot residential (R-2) building submitted by Arben Mitaj and filed by Arben Mitaj with plans filed September 29, 2020 and permitted October 20, 2021. The second largest is a 102-unit, 67,673 square-foot residential (R-2) building submitted by Spaxel and filed by Gzim Hasandjekic with plans filed March 5, 2020 and permitted June 3, 2022.

The majority, or 73 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Chaim Wiesenfeld owned at least two commercial properties in New York City with 25,920 square feet and a city-determined market value of $467,000. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from NorthEast Community Bank. Within the portfolio, the bulk, or 100 percent of the 25,920 square feet of built space are K2 properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

Direct link to Acris document. link