Finkelstein Timberger borrows $28.8M from Prudential for unsold co-ops in Pelham Parkway

Finkelstein Timberger East Real Estate through the entity 2100-2120 Wallace Avenue Owners Corp. as borrower signed a loan agreement with lender Prudential Multifamily Mortgage, LLC valued at $28.8 million for 1 parcel, including the tax class cooperative (D4) and containing 148 residential units at 2100 Wallace Avenue in Pelham Parkway. The deal closed on November 24, 2020 and was recorded on December 22, 2020.
The property contains a total of 144,354 square feet of built space.
The average loan per unit is $194,838.
Finkelstein Timberger acquired an interest in the co-op units in 2015.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $291,925.0. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $41,400.

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