Comjem Associates borrows $7M from Signature Bank for retail property in Bronxdale

Jack Cohen’s Comjem Associates through the entity Allerton Associates LLC as borrower signed a loan agreement with lender Signature Bank valued at $6.7 million for 1 parcel, including the tax class two-story or store and office (K2) at 740 Allerton Avenue in Bronxdale. The deal closed on April 6, 2020 and was recorded on April 23, 2020.
The property contains a total of 28,000 square feet of built space. The property has 51,972 square feet of available development rights.
The average loan per buildable square foot is $129.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 11, 2015.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $268,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link