David Grunfeld, Joel Wieder sign $11.7M construction loan with NorthEast Community Bank in Morris Heights

David Grunfeld and Joel Wieder through the entity Gw Universe LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $11.7 million at 1892-1896 University Avenue in Morris Heights, Bronx.
On the lot, there is one active new building construction project for a 47-unit, 27,740 square-foot R-2 building. The project was developed by Chaim Schwartz with plans filed June 10, 2022 and it has not been permitted yet.
The deal closed on February 6, 2023 and was recorded on February 10, 2023.
The owner bought the property on August 16, 2022, for $775,000. The signatory for David Grunfeld and Joel Wieder was David Grunfeld and Joel Wieder.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 six of the 13 commercial properties representing 192,626 square feet of the 372,576 square feet. The largest owner is Yechiel Newhouse, followed by Robert Khomari and then New York City Housing Authority.
On the tax block, there were two new building construction projects totaling 37,484 square feet. The largest is a 47-unit, 27,740-square-foot R-2 building developed by Chaim Schwartz with plans filed June 10, 2022 and permitted January 19, 2023. The second largest is a 15-unit, 9,743-square-foot R-2 building developed by Yaniv Cohen with plans filed September 24, 2021 and permitted March 1, 2022.

The majority, or 70 percent of the 372,576 square feet of built space are walkup buildings, with elevator buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that David Grunfeld owned at least seven commercial properties in New York City with 58,129 square feet and a city-determined market value of $12.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 58,129 square feet of built space are walkup properties, with elevator properties next occupying 35 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Joel Wieder owned at least four commercial properties in New York City with 42,573 square feet and a city-determined market value of $8.8 million. (Market value is typically about 50% of actual value.) The portfolio has $36.2 million in debt, with top three lenders as Berkadia Commercial Mortgage, S3 Capital, and Arbor Realty Trust respectively. Within the portfolio, the bulk, or 47 percent of the 42,573 square feet of built space are elevator properties, with walkup properties next occupying 43 percent of the space. They are all located in Brooklyn.

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