Gabriel Blanco signs $16M construction loan with S3 Capital in Fordham Heights

Gabriel Blanco through the entity 2104 Ryer LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Funding III LLC valued at $16 million for three development properties including the development building (V0) at 2104 Ryer Avenue in Fordham Heights, Bronx.

On these lots, there is one active new building construction project for a 55-unit, 38,300 square-foot residential (R-2) building. The project was submitted by Gabriel Blanco and filed by Gabriel Blanco with plans filed June 24, 2019 and permitted June 23, 2022.

The deal closed on February 7, 2024 and was recorded on February 29, 2024. The three properties have zero square feet of built space and 33,436 square feet of additional air rights for a total buildable of 33,436 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $478 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 Gabriel Blanco was Gabriel Blanco.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $3,675 in OATH penalties in the last year.

The neighborhood

In Fordham Heights, The bulk, or 46 percent of the 16.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 35 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $102.5 million in sales volume in the last two years. For development, Fordham Heights has had very little major development activity relative to other neighborhoods.It had 552,140 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 2104 Ryer Avenue, PincusCo has identified the owners of 11 of the 24 commercial properties representing 297,843 square feet of the 439,266 square feet. The largest owner is Xhafer Gecaj, followed by Ved Parkash and then New York Police Department.
On the tax block, there were two new building construction projects totaling 47,862 square feet. The largest is a 55-unit, 38,300 square-foot residential (R-2) building submitted by Gabriel Blanco and filed by Gabriel Blanco with plans filed June 24, 2019 and permitted June 23, 2022. The second largest is a 13-unit, 9,562 square-foot residential (R-2) building submitted by Alaudin Kolenovic and filed by Alaudin Kolenovic with plans filed April 21, 2023 and it has not been permitted yet.

The majority, or 44 percent of the 439,266 square feet of built space are elevator buildings, with walkup buildings next occupying 44 percent of the space.

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