JG Funding buys $14.1M in notes secured by Bronx rentals

The Staten Island-based lender JG Funding bought two notes from BankUnited totaling $14.1 million secured by Bronx rental properties in two separate transactions.

In the larger, JG Funding through the entity JG Funding Corp bought a note with an original principal of $8.8 million from BankUnited secured by Abdul M Khan’s 48-unit rental (C1) at 1515 Selwyn Avenue in Tremont, Bronx and 22-unit rental (C7) at 1895 Grand Concourse in Tremont, Bronx.
The deal closed on June 10, 2021 and was recorded on June 17, 2021.
The two properties have 65,485 square feet of built space and 23,977 square feet of additional air rights for a total buildable of 89,488 square feet according to PincusCo analysis of city data. The loan price per built square foot is $0 and the price per buildable square foot is $0 per the PincusCo analysis.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $30,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $59,500.
JG Funding is based in Staten Island.
The owners according to the Department of Housing Preservation and Development includes Abdul Khan, head officer and Charity Cintron, site manager. The business entity is Mk Realty Group Llc.
Within a 400-foot radius of 1515 Selwyn Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $32 million. The most recent of the two was Finkelstein Timberger East Real Estate which borrowed $10.4 million from Prudential Multifamily Mortgage, LLC secured by the 52,800-square-foot, 54-unit rental (D1) on 1495 Morris Avenue on December 9, 2020.

Direct link to Acris document. link

In the second transaction, JG Funding through the entity Jg Funding Corp bought a note with an original principal of $5.2 million from BankUnited secured by Abdul M Khan ‘s 27-unit rental (C1) at 374 East 209th Street in Riverdale, Bronx, 12-unit rental (C1) at 1242 Morris Avenue in Longwood Melrose, Bronx, and six-unit rental (C2) at 1756 Topping Avenue in Tremont, Bronx.
The deal closed on June 10, 2021 and was recorded on June 17, 2021.
The three properties have 39,149 square feet of built space and 0 square feet of additional air rights for a total buildable of 35,626 square feet according to PincusCo analysis of city data. The loan price per built square foot is $0 per the PincusCo analysis.

The owners according to the Department of Housing Preservation and Development includes Abdul Khan, head officer and Charity Cintron, site manager. The business entity is 1756 Mk Realty Group Llc.
Within a 400-foot radius of 1756 Topping Avenue, 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 application filed on April 27, 2021 for a 30,994-square-foot 22 building with 50 residential units residential units at 1751 Monroe Avenue.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 17, 2020 for the $750,360.0 renovation of 5,730-square-foot R-2 building with eight residential units at 1762 Monroe Avenue.
Of those four items, two were loans above $5 million totaling $16.0 million. The most recent of the two was Rasim Toskic which borrowed $6.7 million from Arbor Realty Trust secured by the 38,000-square-foot, 43-unit rental (C1) on 274 East 175th Street on October 13, 2020.

Direct link to Acris document. link