Finkelstein, Timberger borrows $64M from Morgan Stanley for multifamily property in Bronxdale

Finkelstein, Timberger East Real Estate through the entity 271 Zacko LLC D as borrower signed a loan agreement with lender Morgan Stanley Bank, N.A. valued at $63.8 million for 8 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 419 residential units at 2505 Olinville Avenue, 686 Rosewood Street, 3215 Holland Avenue, 1475 Sheridan Avenue, 2315 Walton Avenue, and others in Bronxdale. The deal closed on March 17, 2020 and was recorded on March 19, 2020.
The property has 440,543 square feet of available development rights.
The average loan per unit is $152,267.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $429,250.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link