Joel Gluck borrows $27.6M from Berkadia for property in Bronx

Joel Gluck through the entity Morrisania Apartments LLC as borrower signed a loan agreement with lender Berkadia Commercial Mortgage LLC valued at $27.6 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 204 residential units at 280 East 161st Street in the Concourse in the Bronx. The deal closed on December 22, 2020 and was recorded on January 4, 2021.
The property contains a total of 239,712 square feet of built space. The property has 239,712 square feet of available development rights.
The average loan per unit is $135,471.
The last time the property sold was April 23, 2010 for $14,959,098.

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 $100. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $112,400.
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