Leah and Joel Waldman sign $12.8M refi with Starwood for 36-unit walkup in Belmont

Leah Waldman and Joel Waldman through the entity 2150c LLC as borrower signed a refi loan with lender Starwood Mortgage Capital valued at $12.8 million for the 36-unit residential walkup building (C1) at 2150 Clinton Avenue in Belmont, Bronx.
On the lot, there was one new building construction project, X00610421, for a 36-unit, 23,478 square-foot R-2 building. The project was submitted by Zev Mayer with plans filed October 19, 2021 and permitted June 1, 2023.
The deal closed on September 18, 2024 and was recorded on September 24, 2024. The prior lender was S3 Capital which held debt that had an original loan amount of $7.5 million.
The property has 24,262 square feet of built space and 3,280 square feet of additional air rights for a total buildable of 27,520 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $525 and the price per buildable square foot is $463 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 November 30, 2021, for $1.6 million. The signatory for Leah Waldman and Joel Waldman was Leah Waldman. The signatory for Starwood Mortgage Capital was Leslie K. Fairbanks.

The property

The residential walkup building with 36 residential units in Belmont has 24,262 square feet of built space and 3,280 square feet of additional air rights for a total buildable of 27,520 square feet according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 145 feet deep with a total lot size of 8,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $774,000. The most recent loan totaled $7.5 million and was provided by S3 Capital on May 25, 2022.

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 three housing violations and $400 in OATH penalties in the last year.

The majority, or 86 percent of the 115,418 square feet of built space are elevator buildings, with mixed-use buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Waldman owned at least 15 commercial properties with 195 residential units in New York City with 94,981 square feet and a city-determined market value of $12.3 million. (Market value is typically about 50% of actual value.) The portfolio has $46.2 million in debt, with top three lenders as Vernon Capital Funding, Tideway Capital Group, and NorthEast Community Bank respectively. Within the portfolio, the bulk, or 57 percent of the 94,981 square feet of built space are walkup properties, with development properties next occupying 27 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Bronx next at 37 percent of the space.
The PincusCo database currently indicates that Leah Waldman owned at least 10 commercial properties with 145 residential units in New York City with 101,137 square feet and a city-determined market value of $12.3 million. (Market value is typically about 50% of actual value.) The portfolio has $26.6 million in debt, with top three lenders as Hanover Community Bank, Grasshopper Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 32 percent of the 101,137 square feet of built space are retail properties, with walkup properties next occupying 25 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Bronx next at 29 percent of the space.

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