Finkelstein Timberger borrows $15M from Prudential for Bronx rentals

Finkelstein Timberger East Real Estate borrowed $15 million from Prudential for Bronx rentals in two separate transactions.
In the first, Finkelstein Timberger through the entity Why Not LLC as borrower signed a loan agreement with lender Prudential Multifamily Mortgage, LLC valued at $9.1 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 57 residential units at 3034 Grand Concourse in Riverdale. The deal closed on July 21, 2020 and was recorded on July 31, 2020.
The property contains a total of 54,241 square feet of built space. The property has 70,997 square feet of available development rights.
The average loan per unit is $159,561.
This is part of a larger $62 million refinancing. The last time the property sold was January 8, 2013, for $5,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 57 residential units on June 16, 2016.
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 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1,087,900. Those filings sought to increase the number of residential units by 3 to 114 There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Finkelstein Timberger through the entity 675 No Mas LLC as borrower signed a loan agreement with lender Prudential Multifamily Mortgage, LLC valued at $5.9 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 42 residential units at 675 East 234th Street in Mott Haven. The deal closed on July 21, 2020 and was recorded on July 31, 2020.

The property contains a total of 38,600 square feet of built space.
The average loan per unit is $140,452.
The last time the property sold was May 6, 2015, for $5,400,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $1,029,798.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link