NRP Mortgage buys $7.4M Bronx loan from Conventus on resi conversion project

Lender NRP Mortgage Trust I acquired notes with an original principal of $7.4 million from Conventus LLC, that were secured by property owned by Meshulem Zusia Twersky that is the tax class fireproof warehouse (E1) at 701 Elton Avenue in Morrisania, the Bronx. The deal closed on September 4, 2019 and was recorded on March 10, 2021.
The property contains a total of 23,245 square feet of built space.

The last time the property sold was February 10, 2017 for $3,200,000.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,025,000. Those filings sought to increase the number of residential units by 33 to 33. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $285,083.

Direct link to Acris document. link