Joel Waldman signs $6.5M construction loan with S3 Capital for 36-unit project in Belmont

Joel Waldman through the entity 2150c LLC as borrower signed a loan with lender S3 Capital through the entity S3 Re Funding III LLC valued at $6.5 million for the midblock 36-unit, 24,262-square-foot residential development project at 2150-2152 Clinton Avenue in Belmont/Little Italy, Bronx.
The deal closed on May 25, 2022 and was recorded on June 13, 2022. The property has 2,657 square feet of built space and 13,845 square feet of additional air rights for a total buildable of 16,481 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,427 and the price per buildable square foot is $391 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 November 30, 2021, for $1.6 million.

The property

The 2150-2152 Clinton Avenue parcel has frontage of 33 feet and is 145 feet deep with a total lot size of 4,791 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 $596,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

On these lots, there is one active new building construction project for a 36-unit, 24,262-square-foot residential (R-2) building. The project was developed by Zev Mayer with plans filed October 19, 2021 and it has not been permitted yet.

The neighborhood

In Belmont/Little Italy, the bulk, or 35 percent of the 17.6 million square feet of commercial built space are residential walkup buildings, with residential elevator buildings next occupying 22 percent of the space. In sales, Belmont/Little Italy has had very little sales volume relative to other neighborhoods with $73 million in sales volume in the last two years. For development, Belmont/Little Italy has had very little major development activity relative to other neighborhoods.It had 643,422 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other 1-4 family buildings in the past 12 months.

The block

There is one active new building construction project totaling 24,262 square feet. It is a 36-unit, 24,262-square-foot R-2 building developed by Zev Mayer with plans filed October 19, 2021 and it has not been permitted yet.

The majority, or 49 percent of the 200,803 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 37 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 2150-2152 Clinton Avenue that occurred over the past 24 months.

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