Grun Group signs $9.8M construction loan with IceCap for 99 units in Fordham Manor

Grun Group and Yaakov Lefkowitz through the entity 2800 Webster BSD LLC as borrower signed a new construction loan with lender IceCap Group through the entity Ice Lender Holdings, LLC valued at $9.8 million for the 99-unit project at 2786 Webster Avenue in Fordham Manor, Bronx.

On the lot, there is one active new building construction project, X01342626, for a 99-unit, 61,739 square-foot residential (R-2) building at 2786 Webster Avenue. The project was submitted by Grun Group and filed by Yonah Grunhut with plans filed January 8, 2026 and it has not been permitted yet.
The deal closed on May 26, 2026 and was recorded on June 10, 2026. The loan price per planned construction square foot is $159 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 Grun Group and Yaakov Lefkowitz was Yonah Grunhut and Yaakov Lefkowitz.

The property

The parcel has frontage of 108 feet and is 50 feet deep with a total lot size of 5,400 square feet. The zoning is C4-5D which allows for up to 4.2 times floor area ratio (FAR) for commercial and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $384,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In Fordham Manor, The bulk, or 35 percent of the 18.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $207.4 million in sales volume in the last two years. For development, Fordham Manor has 1.2 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Bronx. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 40 commercial properties representing 1,924,649 square feet of the 2,650,324 square feet. The largest owner is Fordham University , followed by Douglaston Development and then Namdar Realty Group.
On the tax block, there were five new building construction projects totaling 945,616 square feet. The largest is a 510-unit, 439,862 square-foot residential (R-2) building submitted by Stagg Group and filed by Mark Stagg with plans filed November 21, 2025 and it has not been permitted yet. The second largest is a 162-unit, 215,129 square-foot 70 building submitted by Stagg Group and filed by Mark Stagg with plans filed November 21, 2025 and it has not been permitted yet.

The majority, or 78 percent of the 2.7 million square feet of built space are specialty buildings, with industrial buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Grun Group owned at least 11 commercial properties with 58 residential units in New York City with 20,555 square feet and a PincusCo-determined asset value of $65.2 million. The portfolio has $6.8 million in debt, borrowed from IceCap Group. Within the portfolio, the bulk, or 29 percent of the 20,555 square feet of built space are C3 properties, with B2 properties next occupying 23 percent of the space.
The PincusCo database currently indicates that Yaakov Lefkowitz owned at least 11 commercial properties with 58 residential units in New York City with 20,555 square feet and a PincusCo-determined asset value of $65.2 million. The portfolio has $24.5 million in debt, borrowed from IceCap Group and Spencer Savings Bank . Within the portfolio, the bulk, or 29 percent of the 20,555 square feet of built space are C3 properties, with B2 properties next occupying 23 percent of the space.

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