Indigo Developers signs $6.5M construction loan for 27-unit project in Olinville

Indigo Developers and Joel Steinmetz through the entity 3567 Willett LLC as borrower signed a new construction loan with lender IceCap Group through the entity Ice Lender Holdings LLC valued at $6.5 million for the development building (V0) at 3567 Willett Avenue in Olinville, Bronx.

On the lot, there is one active new building construction project, X01183559, for a 27-unit, 19,797 square-foot residential (R-2) building. The project was submitted by Indigo Developers and filed by Yankev ‘Yanky’ Indig with plans filed March 4, 2025 and permitted May 8, 2025.
The loan closed on May 6, 2025 and was recorded on May 23, 2025.
The signatory for Indigo Developers and Joel Steinmetz was Yankev Indig and Joel Steinmetz.

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 Olinville, The majority, or 59 percent of the 2.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Olinville has the 28th highest sale turnover among other neighborhoods in Bronx with $33.5 million in sales volume in the last two years. For development, Olinville has had very little major development activity relative to other neighborhoods.It had 383,690 square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 171,616 square feet of the 171,616 square feet. The largest owner is Isidoros Sfikas, followed by Andy Calos and then Petroleum Marketing Group.
On the tax block, there was one new building construction project filed totaling 19,797 square feet. It is a 27-unit, 19,797 square-foot residential (R-2) building submitted by Indigo Developers and filed by Yanky Indig with plans filed March 4, 2025 and permitted May 8, 2025.

The majority, or 93 percent of the 171,616 square feet of built space are elevator buildings, with walkup buildings next occupying 6 percent of the space.

Direct link to Acris document. link