Kalman Tabak signs $8M refi for 68-unit rental in Van Nest

Kalman Tabak through the entity 437 Morris Park LLC as borrower signed a refi loan with lender Capital One valued at $8 million for the 68-unit residential elevator building (D7) at 437 Morris Park Avenue in Van Nest, Bronx.
The deal closed on June 20, 2024 and was recorded on July 5, 2024. The prior lender was Popular Bank which held debt that had an original loan amount of $7.5 million. The property has 67,018 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $120 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 signatory for Kalman Tabak was Kalman Tabak. The signatory for Capital One was Scott T. Stracka.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Kalman Tabak, head officer and Abraham Flukelstein, shareholder. The business entity is 437 Morris Park Llc.

The property

The residential elevator building with 68 residential units in Van Nest has 67,018 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 112 feet deep with a total lot size of 14,409 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The property has a J-51 exemption that started in 2004 and expires in 2038. The city-designated market value for the property in 2022 is $3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $13,580 in ECB penalties, 25 housing violations, and $13,960 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing zero square feet of the 150,118 square feet. The identified owner is Juan Sanchez.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 150,118 square feet of built space are walkup buildings, with elevator buildings next occupying 45 percent of the space.

The borrower

The PincusCo database currently indicates that Kalman Tabak owned at least five commercial properties with 250 residential units in New York City with 246,616 square feet and a city-determined market value of $15.2 million. (Market value is typically about 50% of actual value.) The portfolio has $26.3 million in debt, borrowed from Capital One. Within the portfolio, the bulk, or 91 percent of the 246,616 square feet of built space are elevator properties, with N2 properties next occupying 9 percent of the space. They are all located in Bronx.

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