Finkelstein Timberger East Real Estate borrows $44M from Morgan Stanley Bank for multifamily property in Bronx

Finkelstein Timberger East Real Estate through the entity 2485-87 LLC D as borrower signed a loan agreement with lender Morgan Stanley Bank, N.A. valued at $43.8 million for 6 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 309 residential units at 2264 Creston Avenue, 1055 Grand Concourse, 1354 Commonwealth Avenue, 3425 Knox Place, 2085 Valentine Avenue, and others in Fordham. The deal closed on January 24, 2020 and was recorded on February 10, 2020.
The properties have 359,332 square feet of built and available development rights.
The average loan per unit is $141,748.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $27,375.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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