Isaac Herskovitz signs $55M refi loan with Customers Bank for residential elevator building in Mt Hope

Isaac Herskovitz through the entity Concourse Estate LLC as borrower signed a refi loan with lender Customers Bank valued at $55 million for the 278-unit residential elevator building at 1749 Grand Concourse in Mt Hope, Bronx.
The deal closed on February 17, 2022 and was recorded on March 1, 2022. The prior lender was Customers Bank which held debt that had an original loan amount of $53 million.
The property has 423,500 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $129 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 May 5, 2015, for $49.5 million.
The signatory for Isaac Herskovitz was Isaac Herskovitz.
The 423,500-square-foot property generated revenue of $5.4 million or $13 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $209,182. One of the projects were to change the number of residential units from 0 to 280.
In Mt Hope, the majority, or 53 percent of the 12.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 25 percent of the space. In sales, Mt Hope has had very little sales volume relative to other neighborhoods with $60.5 million in sales volume in the last two years. For development, Mt Hope has had very little major development activity relative to other neighborhoods.It had 734,472 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
On the tax block, the majority, or 100 percent of the 501,369 square feet of built space are residential elevator buildings, with development buildings next occupying 0 percent of the space.
The owner according to the Department of Housing Preservation and Development is Barry Brown, head officer. The business entity is Concourse Estates Llc.
Within a 400-foot radius of 1749 Grand Concourse, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on January 27, 2022 for the $635,605 renovation of 7,796-square-foot R-2 building with 18 residential units at 1712 Townsend Avenue.

Of those four items, two were loans above $5 million totaling $60 million. The most recent of the two was Philip Goldfarb which borrowed $31.1 million from New York Community Bank secured by the 134,613-square-foot, 203-unit rental (D7) on 1770 Grand Concourse on December 10, 2020.

Direct link to Acris document. link