Mendel Kaff signs $27.2M rehab construction loan for 116-unit project in Soundview

Mendel Kaff through the entity Watson Development LLC as borrower signed a rehab construction loan with lender The Bank of Princeton valued at $27.2 million for rental (C1) redevelopment at 1466 Watson Avenue in Soundview, Bronx.
The deal closed on April 29, 2021 and was recorded on May 19, 2021.
The property has 52,800 square feet of built space and 20,100 square feet of additional air rights for a total buildable of 72,900 square feet according to PincusCo analysis of city data. The loan price per built square foot is $515 and the price per buildable square foot is $373 per the PincusCo analysis.
The owner bought the property on 22-Dec-20, for $4.7 million.
The signatory for Mendel Kaff was Mendel Kaff.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $13.2 million. Those filings sought to increase the number of residential units by 69 to 116. (210181907) One of the projects was to change the building from a RES to a R-2 and change the number of residential units from 47 to 116.

Direct link to Acris document. link

Correction: A prior version of this post incorrectly spelled Mendel Kaff as Mendel Kaaf.