Kashif Iqbal signs $4.5M refi loan with Flushing Bank for retail in Mott Haven
Kashif Iqbal through the entity Zikr Realty LLC as borrower signed a refi loan with lender Flushing Bank valued at $4.5 million for the retail building (K1) at 600 East 138th Street in Mott Haven, Bronx.
The deal closed on April 9, 2025 and was recorded on April 30, 2025. The prior lender was Parsons Capital Fund which held debt that had an original loan amount of $5.2 million.The property has 37,500 square feet of built space and 8,062 square feet of additional air rights for a total buildable of 45,562 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $120 and the price per buildable square foot is $98 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 April 18, 2023, for $8.6 million. The signatory for Kashif Iqbal was Kashif Iqbal. The signatory for Flushing Bank was Robert Albino .
Prior sales and revenue
The 37,500-square-foot property generated revenue of $948,750 or $25 per square foot, according to the most recent income and expense figures.
The property
The retail building in Mott Haven has 37,500 square feet of built space and 8,062 square feet of additional air rights for a total buildable of 45,562 square feet according to a PincusCo analysis of city data. The parcel has frontage of 187 feet and is 100 feet deep with a total lot size of 18,750 square feet. The lot is irregular. 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 $5 million. The most recent loan totaled $5.2 million and was provided by Parsons Capital Fund on April 18, 2023.
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 $1,450 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on September 26, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $234.6 million in sales volume in the last two years and is the 2nd highest in Bronx. For development, Mott Haven has 1.7 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 13 of the 26 commercial properties representing 254,884 square feet of the 321,080 square feet. The largest owner is Lemle & Wolff, followed by Kashif Iqbal and then Divine Moving & Storage.
On the tax block, there were two new building construction projects totaling 15,000 square feet. The largest is a eight-unit, 7,500 square-foot residential (R-2) building submitted by Shalev Shoshani with plans filed September 25, 2017 and it has not been permitted yet. The second largest is a eight-unit, 7,500 square-foot residential (R-2) building submitted by Shalev Shoshani with plans filed September 25, 2017 and it has not been permitted yet.
The majority, or 65 percent of the 321,080 square feet of built space are walkup buildings, with retail buildings next occupying 20 percent of the space.
The borrower
The PincusCo database currently indicates that Kashif Iqbal owned at least one commercial property in New York City with 37,500 square feet and a city-determined market value of $4.6 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Parsons Capital Fund. The portfolio consists of at least a single retail property. It is located in Bronx.
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