Leopold Friedman signs $15.7M construction loan with Bank of Princeton for development in Kingsbridge Heights

Leopold Friedman through the entity Simcha Giles Development LLC as borrower signed a new construction loan with lender Bank of Princeton through the entity The Bank Of Princeton valued at $15.7 million for the development building at 3333 Giles Place in Kingsbridge Heights, Bronx.
The deal closed on January 14, 2022 and was recorded on February 8, 2022. The prior lender was Popular Bank which held debt that had an original loan amount of $1.3 million.
The property has 0 square feet of built space and 14,791 square feet of additional air rights for a total buildable of 14,791 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $1,063 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 June 29, 2017, for $2.3 million.
The signatory for Leopold Friedman was Leopold Friedman. The signatory for Bank of Princeton was Peggy Lane.
(200911754) Plans for a 63-unit, 0 square-foot J-0 were filed on September 28, 2004.
In Kingsbridge Heights, the majority, or 59 percent of the 15.9 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space. In sales, Kingsbridge Heights has the 30th highest sale turnover among other neighborhoods in Bronx with $25.2 million in sales volume in the last two years. For development, Kingsbridge Heights has had very little major development activity relative to other neighborhoods.It had 175,133 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 45 percent of the 1.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 33 percent of the space.
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