Jacob Schwimmer signs $141.5M refi for newly built 365-unit rental in Mott Haven

Jacob Schwimmer through the entity 40 Bruckner Realty LLC as borrower signed a loan with lender MF1 Capital LLC, an affiliate of Berkshire Residential, valued at $141.5 million for the 365-unit residential elevator building (D7) at 40 Bruckner Boulevard in Mott Haven, Bronx.
The deal closed on December 27, 2023 and was recorded on December 29, 2023. The property has 304,362 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $464 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 property

The parcel has frontage of 200 feet and is 287 feet deep with a total lot size of 41,288 square feet. The lot is irregular. The zoning is M1-5/R8A which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million. The most recent loan totaled $90.5 million and was provided by Valley National Bank on August 19, 2022.

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 one DOB violation, $15,060 in ECB penalties in the last year.

Development

On the lot, there was one active new building construction project for a 365-unit, 266,501 square-foot R-2 building. The project was submitted by Jacob Schwimmer and filed by Jacob Schwimmer with plans filed June 2, 2021 and permitted April 25, 2022.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 71,912 square feet of the 140,466 square feet. The two identified owners are Jacob Schwimmer and JCAL Development Group.
On the tax block, there was one new building construction project filed totaling 266,501 square feet. It is a 365-unit, 266,501 square-foot residential (R-2) building submitted by Jacob Schwimmer and filed by Jacob Schwimmer with plans filed June 2, 2021 and permitted April 25, 2022.

The majority, or 100 percent of the 140,466 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

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