Mendel Tessler signs $7.5M refi for new 25-unit rental in Bedford Park

Mendel Tessler through the entity 190 E 205 LLC as borrower signed a refi loan with lender Spencer Savings Bank valued at $7.5 million for the newly constructed building at 190 East 205th Street in Bedford Park, Bronx.

On the lot, there was a new building construction project, X00750893, for a 25-unit, 13,699 square-foot residential (R-2) building. The project was submitted by Moshe Katz with plans filed June 8, 2022 and permitted November 3, 2023.
The loan closed on June 25, 2025 and was recorded on August 19, 2025. The prior lender was BX Capital which held debt that had an original loan amount of $5.2 million.

The property has zero square feet of built space and 17,211 square feet of additional air rights for a total buildable of 17,211 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $435 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 February 23, 2023, for $910,000. The signatory for Mendel Tessler was Mendel Tessler. The signatory for Spencer Savings Bank was Dana Berlin .

The property

The parcel has frontage of 28 feet and is 101 feet deep with a total lot size of 2,859 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 $251,000.

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 $5,120 in OATH penalties in the last year.

The neighborhood

In Bedford Park, The bulk, or 49 percent of the 20.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Bedford Park has had very little sales volume relative to other neighborhoods with $156.4 million in sales volume in the last two years. For development, Bedford Park has had very little major development activity relative to other neighborhoods.It had 816,473 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 14 of the 35 commercial properties representing 550,939 square feet of the 692,776 square feet. The largest owner is Doe Fund, followed by Franco Sukaj and then Longacre Asset Management.
On the tax block, there were 10 new building construction projects totaling 192,924 square feet. The largest is a 40-unit, 44,318 square-foot residential (R-2) building submitted by Zdzislaw Czerny with plans filed October 27, 2015 and it has not been permitted yet. The second largest is a 66-unit, 43,170 square-foot residential (R-2) building submitted by Laquila Group and filed by Dino Tomassetti with plans filed April 5, 2019 and permitted January 14, 2021.

The majority, or 77 percent of the 692,776 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Mendel Tessler owned at least one commercial property with 15 residential units in New York City with 4,968 square feet and a city-determined market value of $662,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

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