Landa Group signs $23.8M refi with NewPoint for nursing home in Spuyten Duyvil

Landa Group through the entity Fieldston Operating LLC as borrower signed a loan with lender NewPoint Real Estate Capital valued at $23.8 million for the nursing home (I6) at 666 Kappock Street in Spuyten Duyvil, Bronx.
The deal closed on October 19, 2022 and was recorded on October 28, 2022. The property has 69,314 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $342 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 February 22, 2018, for $19.6 million. The prior loan was $20.65 million from Popular Bank.
The signatory for the Landa Group was David Landa.

The property

The 666 Kappock Street parcel has frontage of 245 feet and is 193 feet deep with a total lot size of 17,325 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9 million.

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 $5,000 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 neighborhood

In Spuyten Duyvil, the majority, or 91 percent of the 1.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 6 percent of the space. In sales, Spuyten Duyvil has the 42nd highest sale turnover among other neighborhoods in Bronx with $13.8 million in sales volume in the last two years. For development, Spuyten Duyvil has had very little major development activity relative to other neighborhoods.It had 1 square feet of commercial and multi-family construction under development in the last two years, which represents 0.00 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are specialty.

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