Omar Holding signs $8.8M refi for retail in Soundview

Maha Omar through the entity Omar Holding Corp. as borrower signed a refi loan with lender Suffolk Federal Credit Union valued at $8.8 million for the retail building (K1) at 1600 Westchester Avenue in Soundview, Bronx.
The deal closed on March 14, 2024 and was recorded on March 19, 2024. The prior lender was TD Bank which held debt that had an original loan amount of $11 million.

The property has 20,420 square feet of built space and 28,826 square feet of additional air rights for a total buildable of 49,329 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $433 and the price per buildable square foot is $179 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 Maha Omar was Maha Omar. The signatory for Suffolk Federal Credit Union was Thomas C. Perri.

The property

The retail building in Soundview has 20,420 square feet of built space and 28,826 square feet of additional air rights for a total buildable of 49,329 square feet according to a PincusCo analysis of city data. The parcel has frontage of 203 feet and is 100 feet deep with a total lot size of 20,300 square feet. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $6.9 million.

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 $625 in ECB penalties and $6,300 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Soundview, The majority, or 58 percent of the 20.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Soundview has had very little sales volume relative to other neighborhoods with $240 million in sales volume in the last two years. For development, Soundview is the 4th most active neighborhood among other neighborhoods. It had 8.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 41 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 14 commercial properties representing 322,367 square feet of the 517,554 square feet. The largest owner is Keyou Keypour, followed by Irving Fleischman and then Denali Management.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 517,554 square feet of built space are walkup buildings, with retail buildings next occupying 5 percent of the space.

Direct link to Acris document. link