Martin Schwartz signs $5.9M refi with Greystone & Co. for 80-unit walkup in Concourse Village

Martin Schwartz through the entity Carroll Place Realty LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $5.9 million for the 80-unit residential walkup building (C1) at 1112 Carroll Place in Concourse Village, Bronx.
The deal closed on April 25, 2023 and was recorded on May 1, 2023. The prior lender was Flagstar Bank which held debt that had an original loan amount of $6.5 million.
The property has 70,220 square feet of built space and 36,761 square feet of additional air rights for a total buildable of 106,909 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $84 and the price per buildable square foot is $55 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 March 12, 2018, for $13.7 million. The signatory for Martin Schwartz was Martin Schwartz. The signatory for Greystone & Co. was N. Tyler Darby.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Mordy Freund, head officer and Tommy Nunez, site manager. The business entity is Carroll Place Realty LLC.

The property

The residential walkup building with 80 residential units in Concourse Village has 70,220 square feet of built space and 36,761 square feet of additional air rights for a total buildable of 106,909 square feet according to a PincusCo analysis of city data. The parcel has frontage of 263 feet and is 67 feet deep with a total lot size of 17,759 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.7 million.

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 30 housing violations and $75 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 block

On this tax block, PincusCo has identified the owners of 18 of the 38 commercial properties representing 1,033,621 square feet of the 1,760,955 square feet. The largest owner is Yechiel Weinberger, followed by Shimon Greisman and then Settlement Housing Fund.
On the tax block, there were three new building construction projects totaling 315,937 square feet. The largest is a two-unit, 258,157 square-foot assembly (A-3) building submitted by Amara Kenneh and filed by Amara Kenneh with plans filed August 18, 2021 and it has not been permitted yet. The second largest is a two-unit, 33,274 square-foot assembly (A-3) building submitted by Amara Kenneh with plans filed August 16, 2022 and it has not been permitted yet.

The majority, or 48 percent of the 1.8 million square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

The borrower

The PincusCo database currently indicates that Martin Schwartz owned at least four commercial properties with 325 residential units in New York City with 348,299 square feet. The portfolio has $20.3 million in debt, borrowed from New York Community Bank and Flushing Bank. Within the portfolio, all identified are elevator properties. The bulk, or 69 percent of the built space, is in Bronx, with Queens next at 31 percent of the space.

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