Joseph Silberman signs $12.3M refi loan with Spencer Savings Bank for new 56-unit building in Hunts Point

Joseph Silberman through the entity 661 Manida Street LLC as borrower signed a refi loan with lender Spencer Savings Bank valued at $12.3 million for the development building (V0) at 661 Manida Street in Hunts Point, Bronx. The new building is 56 units with 29,228 square feet.
The deal closed on January 13, 2023 and was recorded on January 23, 2023. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $8.7 million.
The signatory for Joseph Silberman was Joseph Silberman. The signatory for Spencer Savings Bank was Maria Seretis.

The property

The 661 Manida Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. 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 $450,000.The most recent loan totaled $8.7 million and was provided by Northeast Community Bank on June 23, 2021.

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 $1,900 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 16, 2022. 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 Hunts Point, the majority, or 59 percent of the 14.5 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 15 percent of the space. In sales, Hunts Point has 1.2 times the average sales volume among other neighborhoods with $409.7 million in sales volume in the last two years and is the 2nd highest in Bronx. For development, Hunts Point has had very little major development activity relative to other neighborhoods.It had 354,082 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 18 of the 65 commercial properties representing 226,009 square feet of the 682,686 square feet. The largest owner is Pearl Realty Management, followed by Omni New York and then NYC Department of Education.
On the tax block, there were four new building construction projects totaling 69,660 square feet. The largest is a N/A-unit, 11,800-square-foot B building developed by Tamir Gayr with plans filed July 25, 2017 and permitted January 22, 2019. The second largest is a N/A-unit, 8,338-square-foot F-2 building developed by Barry Cohen with plans filed April 10, 2014 and it has not been permitted yet.

the majority, or 45 percent of the 682,686 square feet of built space are industrial buildings, with walkup buildings next occupying 36 percent of the space.

Direct link to Acris document. link