Irgang Group signs $11.5M refi with JPMorgan in Bronx

Irgang Group through the entity 1160 Ward Ave LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $11.5 million for three properties including the 59-unit mixed-use building (K4) at 709 East 212th Street in Williamsbridge, Bronx, retail building (K1) at 1560 Westchester Avenue in Soundview, Bronx, and industrial (G7) at 1156 Ward Avenue in Soundview, Bronx.
The deal closed on November 10, 2021 and was recorded on December 10, 2021.
The three properties have 45,514 square feet of built space and 64,347 square feet of additional air rights for a total buildable of 109,817 square feet according to PincusCo analysis of city data. The loan price per built square foot is $252 and the price per buildable square foot is $104 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 Irgang Group was Mark J. Irgang.
(220151403) Plans for a 0-unit, 4,497 square-foot M were filed on September 11, 2014.
This loan package includes a cross-collateralization agreement.

Within a 400-foot radius of 1156 Ward Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which David Yeroshalmi bought the 9,600-square-foot, four-unit retail building (K1) on 1553 Westchester Avenue for $6.2 million from Crown Acquisitions on September 7, 2021.
One of those two items was a loan which Comjem Associates borrowed $5.4 million from Signature Bank secured by the 20,000-square-foot, 13-unit mixed-use building (K2) on 1590 Westchester Avenue on May 7, 2020.

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