Moshe Friedman signs $11.4M refi loan with Ponce Bank in Tremont

Moshe Friedman through the entity 2001 Arthur Avenue LLC as borrower signed a refi loan with lender Ponce Bank valued at $11.4 million for the 45-unit property (D7) at 2001 Arthur Avenue in Tremont, Bronx.
The deal closed on February 15, 2023 and was recorded on February 22, 2023. The prior lender was Toorak Capital Partners which held debt that had an original loan amount of $10 million. The property has 36,700 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $310 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 June 13, 2017, for $1.8 million. The signatory for Moshe Friedman was Moshe Friedman.

The property

The 2001 Arthur Avenue parcel has frontage of 100 feet and is 90 feet deep with a total lot size of 9,023 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.2 million.The most recent loan totaled $10 million and was provided by Broadview Capital on May 13, 2022.

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 17 housing violations and $1,610 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 25, 2021. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 23 commercial properties representing 188,792 square feet of the 512,456 square feet. The largest owner is Sumir Sahgal, followed by Prana Investments and then Paulin Lumaj.
On the tax block, there was one new building construction project filed totaling 140,556 square feet. It is a 177-unit, 140,556-square-foot R-2 building developed by Jeff Fox with plans filed August 17, 2018 and permitted April 16, 2019.

The majority, or 52 percent of the 512,456 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Moshe Friedman owned at least six commercial properties in New York City with 33,322 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 43 percent of the 33,322 square feet of built space are M9 properties, with walkup properties next occupying 38 percent of the space. The bulk, or 72 percent of the built space, is in Bronx, with Brooklyn next at 28 percent of the space.

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