Joel Wieder signs $42M refi with First County Bank for new 131-unit rental in Fordham Heights

Joel Wieder through the entity GW Ryer LLC as borrower signed a refi loan with lender First County Bank valued at $42 million for the newly constructed, 131-unit residential elevator building (D1) at 2047 Ryer Avenue in Fordham Heights, Bronx.
The deal closed on February 20, 2026 and was recorded on February 20, 2026. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $34.8 million.The property has 94,044 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $446 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 July 24, 2023, for $5.7 million. The signatory for Joel Wieder who often partners with David Grunfeld, was Joel Wieder. The signatory for First County Bank was Gregory Pastor .

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Joel Wieder, head officer. The business entity is Gw Ryer Llc. The 94,044-square-foot property generated revenue of $2.8 million or $30 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 131 residential units in Fordham Heights has 94,044 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 267 feet deep with a total lot size of 14,231 square feet. The lot is irregular. 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 $1.9 million. First County Bank on February 20, 2026 bought a loan with an original principal of $34.8M from NorthEast Community Bank signed by Gregory B. Monteith , secured by 2047 Ryer Avenue, when owned by Joel Wieder .

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 two housing violations and $1,125 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 11, 2025.

The block

On this tax block, PincusCo has identified the owners of 22 of the 37 commercial properties representing 842,631 square feet of the 1,027,395 square feet. The largest owner is Angelo Gordon, followed by Acmh and then Ved Parkash.
On the tax block, there were 11 new building construction projects totaling 397,054 square feet. The largest is a 95-unit, 62,290 square-foot residential (R-2) building submitted by Darwin Torres and filed by Darwin Torres with plans filed October 29, 2024 and permitted July 15, 2025. The second largest is a 91-unit, 61,082 square-foot residential (R-2) building submitted by Spaxel and filed by Glenn Palilla with plans filed October 30, 2018 and it has not been permitted yet.

The majority, or 73 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Wieder owned at least seven commercial properties with 249 residential units in New York City with 43,591 square feet and a city-determined market value of $11.8 million. (Market value is typically about 50% of actual value.) The portfolio has $100.2 million in debt, with top three lenders as NorthEast Community Bank, S3 Capital, and Valley National Bank respectively. Within the portfolio, the bulk, or 46 percent of the 43,591 square feet of built space are elevator properties, with walkup properties next occupying 42 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Bronx next at 5 percent of the space.

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