Finkelstein Timberger signs $14.3M refi for rental in Concourse

Finkelstein Timberger East Real Estate through the entity Shara Associates LLC as borrower signed a refi loan with lender Prudential Multifamily Mortgage valued at $14.3 million for the 70-unit rental (D7) at 111 East 167th Street in Concourse, the Bronx.
The deal closed on June 30, 2021 and was recorded on August 23, 2021.

The property has 91,617 square feet of built space and 24,755 square feet of additional air rights for a total buildable of 116,426 square feet according to PincusCo analysis of city data. The loan price per built square foot is $156 and the price per buildable square foot is $123 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Finkelstein Timberger East Real Estate was Richard Timberger.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $85,500.
The owners according to the Department of Housing Preservation and Development includes Steve Finkelstein, head officer and Richard Timberger, officer. The business entity is Shara Associates Llc.

Within a 400-foot radius of 111 East 167th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Walton Avenue Senior Housing Development Fund borrowed $7.8 million from Orix Real Estate Holdings secured by the 54,684-square-foot, 75-unit rental (D3) on 1181 Walton Avenue on June 30, 2020.

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