Isaac Herzkovitz signs $9.8M refi for two residential elevator properties in West Farms

Isaac Herzkovitz through the entity 2132 Daly LLC as borrower signed a refi loan with lender Customers Bank valued at $9.8 million for two residential elevator properties including the 37-unit residential elevator building at 2132 Daly Avenue in West Farms, Bronx and midblock 31-unit residential elevator building at 2138 Daly Avenue in West Farms, Bronx.
The deal closed on May 26, 2022 and was recorded on June 14, 2022. The prior lender was Customers Bank which held debt that had an original loan amount of $9.9 million.The two properties have 72,225 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $136 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 Isaac Herzkovitz was Isaac Herzkovitz. The signatory for Customers Bank was Austin Hartman.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2132 Daly Avenue.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Antonio Rodriguez, head officer. The business entity is 2132 Daly Llc.

The property

The 2132 Daly Avenue parcel has frontage of 83 feet and is 100 feet deep with a total lot size of 8,681 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $625 in ECB penalties, 29 housing violations, and $1,075 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In West Farms, the majority, or 63 percent of the 7 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 15 percent of the space. In sales, West Farms has the 39th highest sale turnover among other neighborhoods in Bronx with $9.4 million in sales volume in the last two years. For development, West Farms has 1.2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Bronx. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On the tax block of 2132 Daly Avenue, PincusCo has identified the owners of eight of the nine commercial properties representing 263,015 square feet of the 289,715 square feet. The largest owner is Eli Bleeman, followed by Isaac Herskovitz and then City of New York. There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 316,980 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 9 percent of the space.

Surrounding

Within a 400-foot radius of 2132 Daly Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on July 9, 2021 for a 42,926-square-foot R-2 building with 69 residential units at 2136 Honeywell Avenue.
One of those four items was a sale which Chestnut Holdings bought the 47,530-square-foot, 43-unit rental (D1) on 900 Bronx Park South for $5.7 million from Chanie A. Bierman on April 15, 2022.
Of those four items, two were loans above $5 million totaling $51 million. The most recent of the two was Martin Joseph and Hershy Silberstein which borrowed $24 million from Northeast Community Bank secured by the three-family building (C0) on 2136 Honeywell Avenue and five other properties on May 19, 2022.

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