Goldfarb family refis $81M with New York Community for 568-unit portfolio in Bronx

The Goldfarb family of New Rochelle including Marc Goldfarb and Philip Goldfarb, refinanced $81 million with New York Community Bank for three buildings in the Bronx with a total of 568 units in three separate transactions.

In the first, Marc Goldfarb and Philip Goldfarb through the entity GC 1770, LLC as borrower which signed a loan agreement with lender New York Community Bank valued at $31.1 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 185 residential units at 1770 Grand Concourse in Tremont. The deal closed on December 4, 2020 and was recorded on December 10, 2020.
The property contains a total of 134,613 square feet of built space.
The average loan per unit is $167,962.
The last time the property sold was April 30, 2014 for $27,750,000.
Direct link to Acris document. link

In the second, Marc Goldfarb and Philip Goldfarb through the entity Morris Heights, LLC as borrower which signed a loan agreement with lender New York Community Bank valued at $28.3 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 225 residential units at 1981 Sedgwick Avenue in University Heights. The deal closed on December 2, 2020 and was recorded on December 10, 2020.
The property contains a total of 202,600 square feet of built space.
The average loan per unit is $125,800.
The financing includes $7.2 million in a gap loan. The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 225 residential (or hotel) units on November 15, 2018.
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 $62,500.0. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $757,200.

Direct link to Acris document. link

In the third, Marc Goldfarb and Philip Goldfarb through the entity GC 1700, LLC as borrower which signed a loan agreement with lender New York Community Bank valued at $21.7 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 158 residential units at 1700 Grand Concourse in Tremont. The deal closed on December 4, 2020 and was recorded on December 10, 2020.
The property contains a total of 154,656 square feet of built space.
The average loan per unit is $137,089.
The financing includes a $1.66 million gap loan. The last time the property sold was December 30, 2010 for $16,000,000.
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 $176,000.

Direct link to Acris document. link