Joel Guttman signs $7M refi for newly built 25-unit walkup in Tremont

Joel Guttman through the entity Fairmount Bx LLC as borrower signed a refi loan with lender Starwood Mortgage Capital valued at $7 million for the 25-unit residential walkup building (C7) at 785 Fairmount Place in Tremont, Bronx.

On the lot, there was one new building construction project for a 25-unit, 11,281 square-foot residential (R-2) building. The project was submitted by Leo Greenfield with plans filed October 20, 2021 and permitted May 31, 2022.

The new loan closed on December 4, 2023 and was recorded on January 22, 2024. The prior lender was S3 Capital which held debt that had an original loan amount of $4.8 million.
The property has 12,456 square feet of built space and 4,749 square feet of additional air rights for a total buildable of 17,196 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $561 and the price per buildable square foot is $407 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 owner bought the property on January 13, 2022, for $900,000. The signatory for Joel Guttman was Joel Guttman. The signatory for Starwood Mortgage Capital was Grace Chiang.

The property

The residential walkup building with 25 residential units in Tremont has 12,456 square feet of built space and 4,749 square feet of additional air rights for a total buildable of 17,196 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $786,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of six of the nine commercial properties representing 125,085 square feet of the 168,610 square feet. The largest owner is Skyward Developers, followed by Madrit Kurtishi and then Aquinas Housing Corporation.
On the tax block, there was one new building construction project filed totaling 11,281 square feet. It is a 25-unit, 11,281 square-foot residential (R-2) building submitted by Leo Greenfield with plans filed October 20, 2021 and permitted May 31, 2022.

The majority, or 64 percent of the 168,610 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

Direct link to Acris document. link