Joseph Alexander signs $23.6M refi loan with H&O Capital for retail in Mt Eden
Joseph Alexander through the entity 1240 Edward Grant LLC as borrower signed a refi loan with lender H&O Capital Funding through the entity 1240 El Grant Highway LLC valued at $23.6 million for the retail building (K1) at 1240-1250 Edward L Grant Highway in Mt Eden, Bronx.
The deal closed on February 10, 2023 and was recorded on March 22, 2023. The property has 26,000 square feet of built space and 418,074 square feet of additional air rights for a total buildable of 444,056 square feet according to PincusCo analysis of city data. The loan price per built square foot is $907 and the price per buildable square foot is $53 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 December 10, 2020, for $13.8 million. The signatory for Joseph Alexander was Joseph A. Alexander. The signatory for H&O Capital Funding was Joseph Houlihan. H&O Capital Funding is a division of Houlihan and O’Malley Commercial Services.
Prior sales and revenue
The 26,000-square-foot property generated revenue of $658,364 or $25 per square foot, according to the most recent income and expense figures.
The property
The 1240-1250 Edward L Grant Hwy parcel has frontage of 608 feet and is 141 feet deep with a total lot size of 59,050 square feet. The lot is irregular. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.5 million.The most recent loan totaled $20 million and was provided by H&O Capital Funding on February 1, 2022.
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 one DOB violation and $1,200 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 $5 million on this tax lot.
The neighborhood
In Mt Eden, the majority, or 52 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Mt Eden has the 23rd highest sale turnover among other neighborhoods in Bronx with $75.4 million in sales volume in the last two years. For development, Mt Eden has had very little major development activity relative to other neighborhoods.It had 826,236 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 40,814 square feet of the 82,489 square feet. The largest owner is NYC School Construction Authority, followed by Joseph Alexander and then Hasan Biberaj.
On the tax block, there were four new building construction projects totaling 115,784 square feet. The largest is a N/A-unit, 67,072-square-foot E building developed by Robert Murphy with plans filed February 28, 2020 and permitted April 26, 2022. The second largest is a N/A-unit, 42,263-square-foot S-1 building developed by James Coakley with plans filed November 7, 2016 and it has not been permitted yet.
the majority, or 41 percent of the 82,489 square feet of built space are industrial buildings, with retail buildings next occupying 32 percent of the space.
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