Parkway Realty’s Yechiel Weinberger signs $10.5M refi with A&E for Bronx rentals

Parkway Realty Associates, a management company affiliated with owners Eric Miller and Yechiel Weinberger, through the entity Boynton Flats LLC as borrower, signed a refi loan with lender A&E Real Estate Holdings through the entity A&E Real Estate Finance Spv A-1, LLC valued at $10.5 million for two properties with 131 residential units including the 65-unit residential walkup building (C1) at 2515 University Avenue in Fordham Manor, Bronx and 66-unit residential elevator building (D1) at 1158 Boynton Avenue in Soundview, Bronx.
The deal closed on January 23, 2025 and was recorded on February 4, 2025. The prior lender was Joseph Podolski which held debt that had an original loan amount of $7 million.The two properties have 136,390 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $76 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 Parkway Realty Associates was Yechiel Weinberger . The signatory for A&E Real Estate Holdings was Joseph E. Fingerman.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, $13,650 in ECB penalties, 260 housing violations, $23,265 in OATH penalties, and four housing litigations 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 block

On the tax block of 1158 Boynton Avenue, PincusCo has identified the owners of four of the six commercial properties representing 244,505 square feet of the 276,763 square feet. The largest owner is Alexander Berkovitch, followed by Casablanca Management and then Timur Catto.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 276,763 square feet of built space are elevator buildings, with walkup buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Parkway Realty Associates owned at least 29 commercial properties with 1,457 residential units in New York City with 1,444,071 square feet and a city-determined market value of $79.8 million. (Market value is typically about 50% of actual value.) The portfolio has $159 million in debt, with top three lenders as New York Community Bank, Signature Bank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 52 percent of the 1,444,071 square feet of built space are elevator properties, with walkup properties next occupying 40 percent of the space. The bulk, or 53 percent of the built space, is in Brooklyn, with Bronx next at 45 percent of the space.

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