Gurwinder Singh signs $11M refi with Arbor for newly built 41-unit rental in Concourse Village

Gurwinder Singh through the entity Teller Partners LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Private Investment LLC valued at $11 million for the 41-unit residential elevator building (D1) at 1135 Teller Avenue in Concourse Village, Bronx.
The deal closed on April 30, 2024 and was recorded on May 23, 2024. The prior lender was Ponce Bank which held debt that had an original loan amount of $7.5 million.The property has 31,115 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $354 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 owner bought the property on July 6, 2016, for $1.1 million. The signatory for Gurwinder Singh was Gurwinder Singh. The signatory for Arbor Realty Trust was Rachel Tzapp.

The property

The residential elevator building with 41 residential units in Concourse Village has 31,115 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 100 feet deep with a total lot size of 7,667 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $696,000. The most recent loan totaled $7.5 million and was provided by Ponce Bank on September 22, 2021.

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 received $5,030 in ECB penalties, one housing violation, and $5,180 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 29, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 20 of the 28 commercial properties representing 437,858 square feet of the 553,758 square feet. The largest owner is Yonasen Lefkowitz, followed by Pawel Pisklo and then Park Avenue South Management.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 553,758 square feet of built space are walkup buildings, with elevator buildings next occupying 42 percent of the space.

The borrower

The PincusCo database currently indicates that Gurwinder Singh owned at least four commercial properties with 41 residential units in New York City with 40,177 square feet and a city-determined market value of $2.5 million. (Market value is typically about 50% of actual value.) The portfolio has $22.9 million in debt, with top three lenders as Popular Bank, Ponce Bank, and American Community Bank respectively. Within the portfolio, the bulk, or 77 percent of the 40,177 square feet of built space are elevator properties, with retail properties next occupying 23 percent of the space. The bulk, or 77 percent of the built space, is in Bronx, with Queens next at 23 percent of the space.

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