Joseph Rishty borrows $6.5M from Investors Bank for retail in Tremont

Joseph Rishty through the entity Grandside Realty, LLC as borrower signed a loan agreement with lender Investors Bank valued at $6.5 million for 1 parcel, including the tax class one-story store building (K1) at 2029 Grand Concourse in Tremont. The deal closed on November 19, 2020 and was recorded on November 30, 2020.
The property contains a total of 14,000 square feet of built space. The property has 14,000 square feet of available development rights.
The average loan per buildable square foot is $464.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link