MZS Realty signs $9.8M refi loan with Protective Life for 33-unit rental in East Morrisania
MZS Realty through the entity Pro 1821 LLC as borrower signed a refi loan with lender Protective Life Insurance Company valued at $9.8 million for the 33-unit residential elevator building (D1) at 1821 Prospect Avenue in East Morrisania, Bronx.
The deal closed on November 24, 2025 and was recorded on December 10, 2025. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $8.2 million.The property has 17,620 square feet of built space and 4,743 square feet of additional air rights for a total buildable of 22,353 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $556 and the price per buildable square foot is $438 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 March 3, 2020, for $985,000. The signatory for MZS Realty was Shaya Seidenfeld . The signatory for Protective Life Insurance Company was Ray A. Carle .
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Shaya Seidenfeld, head officer and Shaya Seidenfled, agent. The business entities are Mzs Realty Management Corp and Pro 1821 Llc. The 17,620-square-foot property generated revenue of $578,993 or $33 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 33 residential units in East Morrisania has 17,620 square feet of built space and 4,743 square feet of additional air rights for a total buildable of 22,353 square feet according to a PincusCo analysis of city data. The parcel has frontage of 32 feet and is 200 feet deep with a total lot size of 6,498 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 $2.3 million. The property has 33 rent regulated units according to city tax records from 2024.
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 $600 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on May 22, 2024. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 63,905 square feet of the 139,574 square feet. The largest owner is Nyc Department Of Education, followed by Indera R. Torres and then Shaya Seidenfeld.
On the tax block, there was one new building construction project filed totaling 34,613 square feet. It is a 60-unit, 34,613 square-foot residential (R-2) building submitted by Andrea Gjini and filed by Andrea Gjini with plans filed June 25, 2025 and it has not been permitted yet.
The majority, or 43 percent of the 139,574 square feet of built space are specialty buildings, with elevator buildings next occupying 41 percent of the space.
The borrower
The PincusCo database currently indicates that Mzs Realty owned at least seven commercial properties with 36 residential units in New York City with 28,345 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 28,345 square feet of built space are walkup properties, with C0 properties next occupying 26 percent of the space. They are all located in Bronx.
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