Mordechai Herzog signs $6M construction loan with BX Capital for 25-unit project in Morrisania

Mordechai Herzog through the entity 1200 Franklin Ave LLC as borrower signed a new construction loan with lender BX Capital through the entity Broad X Funding II LLC valued at $6 million for the 25-unit project at 1200 Franklin Avenue in Morrisania, Bronx.

On the lot, there is one active new building construction project, X01208579, for a 25-unit, 17,829 square-foot residential (R-2) building. The project was submitted by Asher Berkowitz and filed by Asher Berkowitz with plans filed April 10, 2025 and it has not been permitted yet. The project has 42 feet of frontage on Franklin Avenue.
The deal closed on August 5, 2025 and was recorded on August 14, 2025. The property has 2,458 square feet of built space and 12,909 square feet of additional air rights for a total buildable of 15,377 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $390 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 signatory for Mordechai Herzog was Mordechai Herzog.

The property

The 1-4 family building with 2 residential units in Morrisania has 2,458 square feet of built space and 12,909 square feet of additional air rights for a total buildable of 15,377 square feet according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 190 feet deep with a total lot size of 6,328 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $704,000.

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 $50 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of six of the 17 commercial properties representing 230,018 square feet of the 451,789 square feet. The largest owner is Simcha Applegrad, followed by Pwb Management and then Abj Properties.
On the tax block, there was one new building construction project filed totaling 17,829 square feet. It is a 25-unit, 17,829 square-foot residential (R-2) building submitted by Asher Berkowitz and filed by Asher Berkowitz with plans filed April 10, 2025 and it has not been permitted yet.

The majority, or 64 percent of the 451,789 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

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