Douglaston Development signs $153.5M construction loan in Fordham Manor, part of $190M financing
Douglaston Development through the entity DD Bedford Low, LLC as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $153.5 million for the 277-unit project at 410 Bedford Park Boulevard in Fordham Manor, Bronx. CoStar reported the total loan is $190 million, but so far only $153.5 has been recorded.
On the lot, there is one active new building construction project, X08006985, for a 277-unit, 209,821 square-foot residential (R-2) building. The project was submitted by Douglaston Development and filed by Russell Lang with plans filed October 24, 2022.
The deal closed on June 28, 2024 and was recorded on July 29, 2024.
The owner bought the property on February 7, 2008, for $10 million. The signatory for Douglaston Development was Jed Resnick.
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 $600 in OATH penalties in the last year.
Development
For the tax lot building, it the Phase I building on this tax lot received its initial certificate of occupancy on April 3, 2015.
The neighborhood
In Fordham Manor, The bulk, or 35 percent of the 18.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has the 20th highest sale turnover among other neighborhoods in Bronx with $60.7 million in sales volume in the last two years. For development, Fordham Manor has had very little major development activity relative to other neighborhoods.It had 651,635 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 seven of the 40 commercial properties representing 1,917,149 square feet of the 2,650,324 square feet. The largest owner is Douglaston Development, followed by Fordham Bedford Housing Corporation and then Fordham University.
On the tax block, there were two new building construction projects totaling 318,778 square feet. The largest is a 277-unit, 209,821 square-foot residential (R-2) building submitted by Douglaston Development and filed by Russell Lang with plans filed October 24, 2022 and it has not been permitted yet. The second largest is a 188-unit, 108,957 square-foot residential (R-2) building submitted by Douglaston Development and filed by Russell Lang with plans filed June 20, 2019 and permitted April 7, 2021.
The majority, or 78 percent of the 2.7 million square feet of built space are specialty buildings, with industrial buildings next occupying 10 percent of the space.
The borrower
The PincusCo database currently indicates that Douglaston Development owned at least nine commercial properties with 2,277 residential units in New York City with 2,347,961 square feet and a city-determined market value of $618 million. (Market value is typically about 50% of actual value.) The portfolio has $459.3 million in debt, with top three lenders as MSD Partners, NYC Housing Development Corporation, and NYS Housing Finance Agency respectively. Within the portfolio, the bulk, or 99 percent of the 2,347,961 square feet of built space are elevator properties, with retail properties next occupying 1 percent of the space. The bulk, or 48 percent of the built space, is in Brooklyn, with Manhattan next at 46 percent of the space.
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