JBT Funding buys $1.6M note secured by Shaya Seidenfeld’s four-unit rental in Morrisania

JBT Funding bought a note with an original principal of $1.6 million from Ridgewood Savings Bank secured by Shaya Seidenfeld’s four-unit mixed-use building (S4) at 1142 East 165th Street in Morrisania, Bronx.
The deal closed on May 28, 2021 and was recorded on June 28, 2021.
The property has 6,428 square feet of built space and 3,706 square feet of additional air rights for a total buildable of 10,120 square feet according to PincusCo analysis of city data.
The owner bought the property on 16-May-16, for $975,000.
(220597030)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 5 residential units on August 2, 2018.
The owner according to the Department of Housing Preservation and Development is Shaya Seidenfeld, head officer. The business entity is 165-1142 Llc.
Within a 400-foot radius of 1142 East 165th Street, 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 issued on September 12, 2019 for a 53,736-square-foot R-2 building with 62 residential units residential units at 1115 East 165th Street.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on December 28, 2020 for the $769,230.0 renovation of 3,330-square-foot R-2 building with four residential units at 1042 Longfellow Avenue.
Of those four items, two were loans above $5 million totaling $44.5 million. The most recent of the two was Bronx Pro Group which borrowed $30.8 million from Community Preservation Corp. secured by the 18,080-square-foot, four-unit four-family building (C3) on 1042 Longfellow Avenue and three other properties on January 5, 2021.

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