Leopold Friedman signs $18M refi for nursing home in Spuyten Duyvil

Leopold Friedman through the entity Riverdale Real Estate Acquisition, LLC as borrower signed a refi loan with lender Bankwell Bank valued at $18 million for the Riverdale Rehabilitation & Care Center nursing home (I6) at 641 West 230th Street in Spuyten Duyvil, Bronx. The nursing home also has the name New Riverdale Rehab and Nursing.
The deal closed on September 30, 2024 and was recorded on October 25, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $15.2 million.
The property has 35,462 square feet of built space and 43,782 square feet of additional air rights for a total buildable of 79,125 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $507 and the price per buildable square foot is $227 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 September 1, 2020, for $18.4 million. The signatory for Leopold Friedman was Leopold Friedman. The signatory for Bankwell Bank was Konstantin Grinberg.

The property

The specialty building in Spuyten Duyvil has 35,462 square feet of built space and 43,782 square feet of additional air rights for a total buildable of 79,125 square feet according to a PincusCo analysis of city data. The parcel has frontage of 167 feet and is 193 feet deep with a total lot size of 26,375 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 $5.9 million. The most recent loan totaled $14.7 million and was provided by Valley National Bank on September 1, 2020.

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 one DOB violation, $1,250 in ECB penalties, and $1,250 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 45th highest sale turnover among other neighborhoods in Bronx with $6.7 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 244,380 square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 35,462 square feet on the block.The identified owner is Leopold Friedman.
There are no active new building construction projects on this tax block.

All properties are specialty.

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 $233.4 million in debt, with top three lenders as Greystone & Co., KeyBank, and Bank of Montreal 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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