Joseph Briody, Thomas Borek finance acquisition with $7M purchase money mortgage in Bronx

Joseph Briody and Thomas Borek through the entity Bonita Qoz, LLC as borrower signed a loan agreement with lender Fred M Schildwacther & Sons, Inc. valued at $7 million for 1 parcel, including the tax class tank farms (F8) at 1416 Ferris Place in Westchester Square, the Bronx. The deal closed on September 30, 2020 and was recorded on October 19, 2020.
The property contains a total of 12,200 square feet of built space. The property has 63,116 square feet of available development rights.
The average loan per buildable square foot is $111.
This is an acquisition loan, that is a purchase money mortgage. The seller provided a $7 million loan to the buyers.

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. There have been 2 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link