David Rosenberg signs $7.3M refi for rental in Olinville

David Rosenberg through the entity 631 Realty Associates LLC as borrower signed a refi loan with lender Berkadia Commercial Mortgage valued at $7.3 million for the 49-unit rental (C1) at 631 East 220th Street in Olinville, Bronx.
The deal closed on November 22, 2021 and was recorded on December 6, 2021.
The property has 42,170 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $172 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 owner bought the property on August 3, 2017, for $7.2 million.
The signatory for David Rosenberg was David Rosenberg.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $110,100.
David Rosenberg is an owner of at least 10 buildings with nearly 300 units, all of the buildings in the Bronx and most are walk-ups.
The owners according to the Department of Housing Preservation and Development includes Luis Fermin, head officer and Lois Fermin, agent. The business entity is 631 Realty Associates Llc.

Within a 400-foot radius of 631 East 220th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Gazivoda Management bought the 49,038-square-foot, 54-unit rental (D1) on 3800 Carpenter Avenue for $5.2 million from Arthur Gibbons on July 21, 2020.

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