Fairview Partners files $7.9M Bronx pre-foreclosure

Lender Fairview Partners Investment Management alleges two loans totaling $7.87 million secured by two walkup buildings in Belmont, the Bronx at 2304 and 2308 Crotona Avenue are in default, and filed a lawsuit in Bronx County seeking to foreclose on the properties.

Borrower Yakov Basmanov obtained the two loans from Investors Bank in 2018. In September 2022, Fairview Partners Investment Management purchased the loans and yesterday filed the pre-foreclosure action. LINK

The walkup building at 2304 Crotona Avenue with 31 residential units in Belmont/Little Italy has 22,780 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 million.

The walkup building at 2308 Crotona Avenue with 22 residential units in Belmont/Little Italy has 21,750 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2 million.

The surrounding

Within a 400-foot radius of 2304 Crotona Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, one was in new building development. It was a new building permit application filed on May 25, 2022 for a 12,771-square-foot residential (R-2) building with 20 residential units at 2301 Beaumont Avenue. Of those seven items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $692,510 and two permits with a total initial cost of $862,100. The most recent of these three items was the filing on March 10, 2022 for a 8,859-square-foot residential (R-2) building with 20 residential units at 2309 Beaumont Avenue. One of those seven items was a sale which Nuveen Real Estate bought the 28-unit rental (C1) on 2254 Crotona Avenue and 76 other properties for $17.8 million from Omni New York and Stone Point Capital on June 2, 2023. Of those seven items, two were loans above $5 million totaling $34.6 million. The most recent of the two was Omni New York in which borrowed $28.6 million from Merchants Bank of Indiana secured by the 190,000-square-foot, 110-unit rental (D7) on 2260 Crotona Avenue and one other property on March 7, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.