Edelstein Development signs $9.6M construction loan with Northeast Community in Tremont

Edelstein Development Group through the entity 1777 Weeks Ave LLC as borrower signed a new construction loan with lender Northeast Community Bank valued at $9.6 million at 1775-1777 Weeks Avenue in Tremont, Bronx.
The deal closed on June 15, 2021 and was recorded on June 28, 2021.
The property has 9,108 square feet of built space and 21,670 square feet of additional air rights for a total buildable of 30,768 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,054 and the price per buildable square foot is $312 per the PincusCo analysis.

The signatory for Edelstein Development Group was Marc Edelstein.

There has been one new building permit application Those plans include a total of 45 residential units.

There have been 3 demolition projects filed over the past five years. The demolition included 8 residential units.
Marc Edelstein is the principal of Edelstein Development Group.
The owners according to the Department of Housing Preservation and Development includes Marc Edelstein, head officer and Sheindy Grunhut, officer. The business entities are Rebecca Realty Mgmt and 1775 Weeks Ave Llc.
Within a 400-foot radius of 1775-1777 Weeks Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on June 22, 2021 for a 35,989-square-foot R-2 building with 59 residential units residential units at 1771 Weeks Avenue.
Of those four items, three were loans above $5 million totaling $99.1 million. The most recent of the three was Marc Goldfarb|Philip Goldfarb which borrowed $17.0 million from New York Community Bank secured by the 64,075-square-foot development site (V0) on GRAND Concourse and two other properties on December 10, 2020.

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