Jose Tavarez borrows $11M from Sterling National Bank for portfolio in Bronx, Manhattan

Jose Tavarez through the entity Scs Realty LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $11 million for 5 parcels containing 280 residential units at 1434 University Avenue, 1454 University Avenue, 228 Nagle Avenue, 1426 Ogden Avenue, 1434 Ogden Avenue in Highbridge. The deal closed on May 1, 2020 and was recorded on May 7, 2020.
The property has 358,752 square feet of available development rights.
The average loan per unit is $39,286.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $275,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $34,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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