NCV Capital, Unique People Services sign $52.1M construction loan for 85-unit project in Highbridge

NCV Capital Partners and the nonprofit Unique People Services through the entity 1415 Ogden Avenue Housing Development Fund Corp. as borrower signed a new construction loan with lender JPMorgan Chase through the entity Unique People Services, Inc. valued at $52.1 million for the specialty building (M1) at 1415 Ogden Avenue in Highbridge, Bronx.
On the lot, there is a new building construction project, X00969702, for an 85-unit, 70,482 square-foot residential (R-2) building submitted by NCV Capital Partners and filed by Albert Gordon with plans filed January 12, 2024 and it has not been permitted yet.
The deal closed on August 21, 2024 and was recorded on September 17, 2024. The property has 27,295 square feet of built space and 37,125 square feet of additional air rights for a total buildable of 64,500 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,907 and the price per buildable square foot is $807 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 December 8, 2023, for $3.7 million. The signatory for NCV Capital Partners and Unique People Services was Albert Keith Gordon and Yvette Brissett-Andre. The signatory for JPMorgan Chase was Sharmi Sobhan. PincusCo cannot find a record of a company with the name “NCV Capital Partners” or “NCV Capital” registered with the state of New York, as of Sept. 18, 2024. Albert Keith Gordon owns a beneficial interest in the property through Gordon International Holdings.

The property

The most recent loan totaled $5.1 million and was provided by Corporation For Supportive Housing on December 8, 2023.

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 four DOB violations, $38,310 in ECB penalties in the last year.

The neighborhood

In Highbridge, The majority, or 60 percent of the 12.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 26 percent of the space. In sales, Highbridge has the 17th highest sale turnover among other neighborhoods in Bronx with $70.1 million in sales volume in the last two years. For development, Highbridge has had very little major development activity relative to other neighborhoods.It had 903,122 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 31,800 square feet of the 128,800 square feet. The two identified owners are Arker Companies and Jose Tavarez.
On the tax block, there were two new building construction projects totaling 132,856 square feet. The largest is a 85-unit, 70,482 square-foot residential (R-2) building submitted by NCV Capital Partners and filed by Albert Gordon with plans filed January 12, 2024 and it has not been permitted yet.

The majority, or 73 percent of the 128,800 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Unique People Services owned at least five commercial properties with 104 residential units in New York City with 119,930 square feet and a city-determined market value of $7.3 million. (Market value is typically about 50% of actual value.) The portfolio has $75 million in debt, with top three lenders as NYS Housing Finance Agency, Corporation for Supportive Housing, and Corporation For Supportive Housing respectively. Within the portfolio, the bulk, or 72 percent of the 119,930 square feet of built space are elevator properties, with M1 properties next occupying 23 percent of the space. They are all located in Bronx.

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