Parkoff Organization signs $6.5M loan with New York Community for 54-unit elevator building in Fordham Manor
Parkoff Organization through the entity S&A Bainbridge LLC as borrower signed a loan with lender New York Community Bank valued at $6.5 million for the midblock 54-unit residential elevator building at 2705 Bainbridge Avenue in Fordham Manor, Bronx.
The deal closed on March 3, 2022 and was recorded on March 11, 2022.The property has 60,060 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $108 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.)
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development include A. Richard Parkoff, head officer and Allison Anderson, officer. The business entities are S & A Bainbridge Llc C/O New Park and S &A Bainbridge Llc C/O New Park. The 60,060-square-foot property generated revenue of $881,035 or $15 per square foot, according to the most recent income and expense figures.
The property
The 2705 Bainbridge Avenue parcel has frontage of 130 feet and is 97 feet deep with a total lot size of 12,100 square feet. The lot is irregular. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 million. The property has a city-determined energy rating of 11 out of 100.
Violations and lawsuits
The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received one DOB violation, $625 in ECB penalties, 62 housing violations, and $1,305 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 $5 million on this tax lot.
The neighborhood
In Fordham Manor, the bulk, or 32 percent of the 21.6 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 30 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $157.8 million in sales volume in the last two years. For development, Fordham Manor has near average amount of major developments among other neighborhoods and is the 9th highest in Bronx. It had 849,436 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 70,060 square feet of the 151,264 square feet. The two identified owners are Parkoff Organization and Fishel Wislicki. There are no active new building construction projects on this tax block.
The majority, or 27 percent of the 301,599 square feet of built space are specialty buildings, with residential walkup buildings next occupying 25 percent of the space.
Surrounding
Within a 400-foot radius of 2705 Bainbridge Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Michael Besen borrowed $6.8 million from New York Community Bank secured by the 25,000-square-foot, 27-unit rental (C1) on 2714 Bainbridge Avenue and one other property on August 13, 2021.
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