Hershy Silberstein signs $19.6M refi with Valley for 68-unit rental in Claremont Village

Hershy Silberstein through the entity Cyh Weeks Ave LLC as borrower signed a loan with lender Valley National Bank valued at $19.6 million for the 68-unit residential elevator building (D1) at 1688 Weeks Avenue in Claremont Village, Bronx.
The deal closed on February 28, 2025 and was recorded on March 11, 2025. The prior lender was Balbec Capital which held debt that had an original loan amount of $11 million. The property has 32,225 square feet of built space and 2,109 square feet of additional air rights for a total buildable of 34,314 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $608 and the price per buildable square foot is $571 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 March 17, 2022, for $1.3 million. The signatory for Hershy Silberstein was Hershy Silberstein. The signatory for Valley National Bank was Terence J. McArdle.

Prior sales and revenue

The 32,225-square-foot property generated revenue of $1.1 million or $33 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 68 residential units in Claremont Village has 32,225 square feet of built space and 2,109 square feet of additional air rights for a total buildable of 34,314 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 95 feet deep with a total lot size of 5,700 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $743,000. The most recent loan totaled $13.5 million and was provided by IceCap Group on July 3, 2023.

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 two housing violations and $450 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, X00693416, for a 68-unit, 29,513 square-foot R-2 building. The project was submitted by Simcha Ludmir and filed by Simcha Ludmir with plans filed March 15, 2022 and permitted February 16, 2023.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 13,876 square feet of the 131,146 square feet. The identified owner is Israel Frankel.
On the tax block, there were three new building construction projects totaling 70,388 square feet. The largest is a 46-unit, 31,253 square-foot residential (R-2) building submitted by Spaxel and filed by Selimaj Shkumbin with plans filed November 10, 2020 and permitted April 14, 2022. The second largest is a 68-unit, 29,513 square-foot residential (R-2) building submitted by Simcha Ludmir and filed by Simcha Ludmir with plans filed March 15, 2022 and permitted February 16, 2023.

The majority, or 62 percent of the 131,146 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Hershy Silberstein owned at least 23 commercial properties with 253 residential units in New York City with 81,728 square feet and a city-determined market value of $13.5 million. (Market value is typically about 50% of actual value.) The portfolio has $160.4 million in debt, with top three lenders as Starwood Capital Group, S3 Capital, and NorthEast Community Bank respectively. Within the portfolio, the bulk, or 72 percent of the 81,728 square feet of built space are industrial properties, with mixed-use properties next occupying 9 percent of the space. The bulk, or 78 percent of the built space, is in Bronx, with Brooklyn next at 22 percent of the space.

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