Jemal family’s Jem Realty borrows $12M from Signature Bank for retail property in Fordham

The Jemal family’s Jem Realty Management through the entity 361 East Realty Associates LLC as borrower signed a loan agreement with lender Signature Bank valued at $11.8 million for 1 parcel, including the tax class one-story store building (K1) at 2532 Marion Avenue in Fordham. The deal closed on February 11, 2020 and was recorded on February 19, 2020.
The property contains a total of 20,000 square feet of built space. The property has 68,800 square feet of available development rights.
The average loan per buildable square foot is $172.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $745,472.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link