Joel Waldman signs $8.1M construction loan with NorthEast Community for 45-unit project in Fordham Heights
2361 Morris Avenue (Credit - Google)
Joel Waldman through the entity 2359m LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $8.1 million for the 45-unit project at 2361 Morris Avenue in Fordham Heights, Bronx.
On these lots, there is one active new building construction project for a 45-unit, 18,750-square-foot R-2 building. The project was developed by Mendy Tessler with plans filed April 5, 2021 and it has not been permitted yet.
The deal closed on July 14, 2022 and was recorded on July 28, 2022. The property has 2,052 square feet of built space and 13,207 square feet of additional air rights for a total buildable of 15,260 square feet according to PincusCo analysis of city data. The loan price per built square foot is $3,954 and the price per buildable square foot is $531 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 18, 2022, for $800,000. The signatory for Joel Waldman was Joel Waldman.
The property
The 2361 Morris Avenue parcel has frontage of 25 feet and is 101 feet deep with a total lot size of 2,535 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $618,000.
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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 received $2,500 in ECB penalties and $3,950 in OATH penalties in the last year.
The block
On this tax block, PincusCo has identified the owners of six of the 20 commercial properties representing 188,780 square feet of the 370,371 square feet. The largest owner is Michael Friedman, followed by Chestnut Holdings of New York and then Ved Parkash. There are two active new building construction projects totaling 79,658 square feet. The largest is a N/A-unit, 60,908-square-foot E building developed by Robert Murphy with plans filed May 6, 2020 and permitted April 27, 2022. The second largest is a 45-unit, 18,750-square-foot R-2 building developed by Mendy Tessler with plans filed April 5, 2021 and it has not been permitted yet.
the majority, or 54 percent of the 370,371 square feet of built space are walkup buildings, with elevator buildings next occupying 43 percent of the space.
The borrower
The PincusCo database currently indicates that Joel Waldman owned at least eight commercial properties in New York City with 38,363 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) The portfolio has $7.5 million in debt, borrowed from S3 Capital. Within the portfolio, the bulk, or 89 percent of the 38,363 square feet of built space are walkup properties, with B2 properties next occupying 7 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Bronx next at 11 percent of the space.
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