Luce Popaj signs $6.5M construction loan for 34-unit project in Belmont
Luce Popaj through the entity 773 Grote LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $6.5 million for the 34-unit project at 773 Grote Street in Belmont, Bronx.
The deal closed on April 20, 2023 and was recorded on May 17, 2023. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $1 million.
The new development project is for a 34-unit, 22,921 square-foot residential (R-2) building submitted by Luce Popaj with plans filed April 28, 2022 and permitted December 7, 2022.
The owner bought the property on April 18, 2022, for $1.5 million. The signatory for Luce Popaj was Luce Popaj.
Prior sales and revenue
The 3,685-square-foot property generated revenue of $71,636 or $19 per square foot, according to the most recent income and expense figures.
The property
The parcel has frontage of 50 feet and is 125 feet deep with a total lot size of 6,249 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 $673,000.
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 $600 in OATH penalties in the last year.
The block
On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 217,768 square feet of the 236,105 square feet. The largest owner is Omni New York, followed by Fordham Bedford Housing Corporation and then City Of New York.
On the tax block, there were three new building construction projects totaling 44,033 square feet. The largest is a 34-unit, 22,921 square-foot residential (R-2) building submitted by Luce Popaj and filed by Luce Popaj with plans filed April 28, 2022 and permitted December 7, 2022.
The majority, or 88 percent of the 236,105 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.
The borrower
The PincusCo database currently indicates that Luce Popaj owned at least one commercial property with 22 residential units in New York City with 12,845 square feet and a city-determined market value of $1.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5.8 million in debt, borrowed from Kearny Bank. The portfolio consists of at least a single elevator property. It is located in Bronx.
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