Jose Medina signs $6.8M refi for mixed-use in Mott Haven

Jose R. Medina through the entity JRM 250 Realty LLC as borrower signed a refi loan with lender NewBank valued at $6.8 million for the mixed-use building (K4) at 250 Willis Avenue in Mott Haven, Bronx.
The deal closed on June 20, 2024 and was recorded on June 25, 2024. The prior lender was NewBank which held debt that had an original loan amount of $7.3 million.

The property has 50,710 square feet of built space and 27,259 square feet of additional air rights for a total buildable of 77,930 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $133 and the price per buildable square foot is $86 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 March 14, 2019, for $7.3 million. The signatory for Jose R. Medina was Jose R. Medina.

The property

The mixed-use building in Mott Haven has 50,710 square feet of built space and 27,259 square feet of additional air rights for a total buildable of 77,930 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 200 feet deep with a total lot size of 32,070 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.2 million.

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 DOB violations and $4,720 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $303.5 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2.1 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 17 commercial properties representing 155,493 square feet of the 406,721 square feet. The two identified owners are Sharp Management and Janusz Sendowski.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 406,721 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

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