Craig Nassi’s BCN Development gets $9M construction loan from 5 Arch Funding Corp. for property in Fordham

Craig Nassi’s BCN Development through the entity Noa-Lior LLC as borrower signed a construction loan agreement with lender 5 Arch Funding Corp. valued at $8.9 million for 2086 Valentine Avenue, 2088 Valentine Avenue, 2090 Valentine Avenue and 2092 Valentine Avenue in Fordham. The deal closed on September 4, 2019 and was recorded on September 17, 2019.
The loan covers 4 parcels, including the tax class land zoned residential, except not Manhattan below 110th Street (V0).

Nassi acquired the properties in four separate transactions totaling $890,000, according to a review of city records.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There has been one new building permit application totaling 30,460 square feet. Those plans include a total of 38 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

CORRECTION: An earlier version of this report listed the transaction price for only one of the four properties.