Joel Leifer, Cheskel Berkowitz sign $70M refi with Greystone & Co. for specialty building in Throgs Neck

Joel Leifer and Cheskel Berkowitz through the entity Berkzup Nassau Tic LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $70 million for the specialty building at 727 Throgs Neck Expressway in Throgs Neck, Bronx.
The deal closed on December 30, 2021 and was recorded on January 24, 2022. The prior lender was Greystone & Co. which held debt that had an original loan amount of $8.9 million.
The property has 83,146 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $841 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 December 28, 2021, for $19.8 million.
The signatory for Joel Leifer and Cheskel Berkowitz was Joel Leifer and Cheskel Berkowitz. The signatory for Greystone & Co. was Barbara Masi.

In Throgs Neck, the majority, or 64 percent of the 17.3 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 14 percent of the space. In sales, Throgs Neck has the 37th highest sale turnover among other neighborhoods in Bronx with $10.6 million in sales volume in the last two years. For development, Throgs Neck has had very little major development activity relative to other neighborhoods.It had 29,949 square feet of commercial and multi-family construction under development in the last two years, which represents 0.17 percent of the neighborhood’s built space.
On the tax block, the majority, or 56 percent of the 148,601 square feet of built space are specialty buildings, with 1-4 family buildings next occupying 33 percent of the space.

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