Jorge Cornielle signs $5.4M refi with JPMorgan Chase for commercial building in Morrisania

Jorge Cornielle through the entity 1262 Boston Road Realty Corp as borrower signed a refi loan with lender JPMorgan Chase valued at $5.4 million for the office building (O7) at 1262 Boston Road in Morrisania, Bronx.
The deal closed on July 30, 2021 and was recorded on September 30, 2021.
The property has 16,868 square feet of built space and 9,562 square feet of additional air rights for a total buildable of 26,404 square feet according to PincusCo analysis of city data. The loan price per built square foot is $318 and the price per buildable square foot is $203 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 October 4, 2012, for $1.1 million.
The signatory for Jorge Cornielle was Jorge Cornielle.
(210070144)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 26, 2016.

Within a 400-foot radius of 1262 Boston Road, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
There were two new building permit applications. The most recent of these two items was a filing on February 26, 2021 for a 75,939-square-foot R-2 building with 60 residential units at 638 East 169th Street.

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