Jenel Management signs $8.4M refi with New York Community for retail in Fordham Heights
Jenel Management through the entity 256 Fordham Road Associates as borrower signed a refi loan with lender New York Community Bank valued at $8.4 million for the retail building at 256-260 East Fordham Road in Fordham Heights, Bronx.
The deal closed on August 1, 2021 and was recorded on January 27, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $9.7 million.
The property has 14,775 square feet of built space and 6,141 square feet of additional air rights for a total buildable of 20,918 square feet according to PincusCo analysis of city data. The loan price per built square foot is $566 and the price per buildable square foot is $400 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 Jenel Management was David Dushey. The signatory for New York Community Bank was John Feijoo.
The 14,775-square-foot property generated revenue of $1.4 million or $91 per square foot, according to the most recent income and expense figures.
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 82 percent of the 310,544 square feet of built space are residential walkup buildings, with retail buildings next occupying 16 percent of the space.
Within a 400-foot radius of 256-260 East Fordham Road, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 9, 2020 for the $1,000,000 renovation of 39,190-square-foot M building with 0 residential units at 215 East Fordham Road.
Of those eight items, seven were loans above $5 million totaling $103.3 million. The most recent of the seven was SKF Development which borrowed $13.6 million from Popular Bank secured by the 0-square-foot development site (V0) on 2468 Tiebout Avenue on July 27, 2021.