Leopold Friedman signs $18M refi for 49-unit rental in Kingsbridge Heights

Leopold Friedman through the entity Simcha Giles Development, LLC as borrower signed a refi loan with lender Bank of Montreal valued at $18 million for the 49-unit residential elevator building (D1) at 3333 Giles Place in Kingsbridge Heights, Bronx.
The deal closed on August 23, 2024 and was recorded on August 29, 2024. The prior lender was Bank of Princeton which held debt that had an original loan amount of $17 million.The property has 75,483 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $238 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 Montreal was Leanne Lispi.

The property

The residential elevator building with 49 residential units in Kingsbridge Heights has 75,483 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 178 feet deep with a total lot size of 19,722 square feet. The lot is irregular. The zoning is R4A which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million. The most recent loan totaled $15.7 million and was provided by Bank of Princeton on January 14, 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 not received any significant violations 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 eight of the 16 commercial properties representing 754,558 square feet of the 769,953 square feet. The largest owner is Benjamin Landa, followed by Stagg Group and then Chestnut Holdings Of New York.
On the tax block, there was one new building construction project filed totaling 97,876 square feet. It is a 121-unit, 97,876 square-foot residential (R-2) building submitted by Stagg Group and filed by Joseph Martino with plans filed August 12, 2015 and it has not been permitted yet.

The majority, or 48 percent of the 769,953 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that Leopold Friedman owned at least seven commercial properties with 88 residential units in New York City with 712,139 square feet and a city-determined market value of $102.6 million. (Market value is typically about 50% of actual value.) The portfolio has $215.4 million in debt, with top three lenders as Greystone & Co., KeyBank, and Bank of Princeton respectively. Within the portfolio, the bulk, or 85 percent of the 712,139 square feet of built space are specialty properties, with elevator properties next occupying 15 percent of the space. They are all located in Bronx.

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