Jemstone Group signs $10M refi with Capital One for retail in Fordham Heights

Jemstone Group through the entity 2-20 East Fordham Road Associates LLC as borrower signed a refi loan with lender Capital One valued at $10 million for the retail building at 2440 Jerome Avenue in Fordham Heights, Bronx.
The deal closed on December 28, 2021 and was recorded on January 27, 2022. The prior lender was Capital One which held debt that had an original loan amount of $10.3 million.
The property has 19,128 square feet of built space and 48,186 square feet of additional air rights for a total buildable of 67,382 square feet according to PincusCo analysis of city data. The loan price per built square foot is $525 and the price per buildable square foot is $149 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 Jemstone Group was Samuel Jemal. The signatory for Capital One was Haley Holmberg.
The 19,128-square-foot property generated revenue of $2.4 million or $124 per square foot, according to the most recent income and expense figures.

(220242351)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 15, 2016.
Samuel Jemal is a principal at the Jemstone Group.
In Fordham Heights, the bulk, or 43 percent of the 17.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 33 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $101 million in sales volume in the last two years. For development, Fordham Heights has 2.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Bronx. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
On the tax block, the majority, or 44 percent of the 249,558 square feet of built space are specialty buildings, with 1-4 family buildings next occupying 17 percent of the space.
Within a 400-foot radius of 2440 Jerome Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on March 10, 2021 for a 22,951-square-foot R-2 building with 35 residential units at 2436 Walton Avenue.
One of those two items was a loan which Yousef Lati borrowed $8 million from Kearny Bank secured by the 2,226-square-foot, two-unit two-family building (B2) on 2434 Walton Avenue and one other property on February 24, 2021.

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