Moishe Mana signs $21.5M refi for industrial in Mott Haven

Moishe Mana through the entity Monopoly Properties, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $21.5 million for the industrial building (E7) at 840 East 134th Street in Mott Haven, Bronx.
The deal closed on September 27, 2022 and was recorded on October 6, 2022. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $21.4 million. The property has 155,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $138 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 January 8, 2014, for $11.3 million. The signatory for Moishe Mana was Moishe Mana. The signatory for JPMorgan Chase was Candance Falsetto.

Prior sales and revenue

The 155,000-square-foot property generated revenue of $1.9 million or $12 per square foot, according to the most recent income and expense figures.

The property

The 840 East 134th Street parcel has frontage of 275 feet and is 203 feet deep with a total lot size of 55,935 square feet. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $10.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Mott Haven, the bulk, or 42 percent of the 40.1 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Mott Haven has 2.3 times the average sales volume among other neighborhoods with $806.7 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 8th most active neighborhood among other neighborhoods. It had 4.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 143,570 square feet of the 298,570 square feet. The identified owner is BLDG Management.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 298,570 square feet of built space are industrial buildings.

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