Gurwinder Singh signs $7.5M construction loan with Ponce Bank for dev site in Concourse Village

Gurwinder Singh through the entity Teller Partners LLC as borrower signed a new construction loan with lender Ponce Bank valued at $7.5 million for the development site (V0) at 1135 Teller Avenue in Concourse Village, Bronx.
The deal closed on September 22, 2021 and was recorded on October 19, 2021.
The property has 0 square feet of built space and 26,377 square feet of additional air rights for a total buildable of 26,377 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $284 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.
(220152590) Plans for a 41-unit, 28,712 square-foot R-2 were filed on February 17, 2017.

Within a 400-foot radius of 1135 Teller Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $14.1 million. The most recent of the two was Avraham Benamram which borrowed $5.1 million from Peapack-Gladstone Bank secured by the 25,925-square-foot, 29-unit rental (C1) on 1142 College Avenue on June 28, 2021.

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