PH Realty, Rockledge buy three loans from PIMCO for $28.3M secured by Bronx rentals

Peter Hungerford’s PH Realty Capital partnered with David Kaye and Joe Listhaus’s Rockledge and an unnamed institutional asset manager to buy three notes in three transactions from PIMCO secured by six multifamily buildings in the Bronx with a total of 442 residential units.

In the largest transaction, PH Realty Capital through the entity Highbridge Wflah Bronx Owner LLC paid $16.6 million for a note with an original principal of $38.2 million, from PIMCO secured by Morris Weinberg’s 129-unit residential elevator building (D1) at 1187-1197 Anderson Avenue in Highbridge, Bronx, 59-unit residential elevator building (D1) at 1220 Shakespeare Avenue in Highbridge, Bronx, and 41-unit residential elevator building (D1) at 1230 Woodycrest Avenue in Highbridge, Bronx.
The deal closed on January 17, 2025 and was recorded on February 6, 2025. The four properties have 282,682 square feet of built space and 23,450 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $58 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.)

In the second, PH Realty Capital through the entity Croes Wflah Bronx Owner LLC paid $10.59 million for a note with an original principal of $22 million from PIMCO secured by Morris Weinberg and David Kleiner’s 159-unit residential elevator building (D3) at 1220 Westchester Avenue, with an alternate address 1210 Croes Avenue, in Soundview, Bronx.
The deal closed on January 17, 2025 and was recorded on February 6, 2025. The property has 198,104 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $53 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 September 3, 2014, for $21 million. The signatory for Morris Weinberg and David Kleiner for the earlier loan was Jeffrey Zwick .

In the third, PH Realty Capital through the entity E 181st Wflah Bronx Owner LLC bought a note with an original principal of $2.8 million from PIMCO secured by Eva Goldberger’s 20-unit residential walkup building (C1) at 983 East 181st Street in West Farms, Bronx.

The deal closed on January 17, 2025 and was recorded on February 6, 2025. The property has 18,200 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $62 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 March 18, 2016, for $3.2 million. The signatory for Eva Goldberger was Eva Goldberger.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Ignatie Meir, head officer. The business entity is 1210 Croes Llc. The 198,104-square-foot property generated revenue of $2.8 million or $14 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 159 residential units in Soundview has 198,104 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 203 feet and is 421 feet deep with a total lot size of 80,600 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.1 million. The most recent loan totaled 0.0 and was provided by PIMCO on September 28, 2021.

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 three DOB violations, $16,750 in ECB penalties, 197 housing violations, $22,250 in OATH penalties, and two 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 this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 198,104 square feet on the block.The identified owner is Ignate Meir.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that David Kleiner owned at least 17 commercial properties with 922 residential units in New York City with 839,760 square feet and a city-determined market value of $44.1 million. (Market value is typically about 50% of actual value.) The portfolio has $58.5 million in debt, with top three lenders as JPMorgan Chase, Signature Bank, and Arbor Realty Trust respectively. Within the portfolio, the bulk, or 51 percent of the 839,760 square feet of built space are walkup properties, with elevator properties next occupying 49 percent of the space. They are all located in Bronx.
The PincusCo database currently indicates that Morris Weinberg owned at least five commercial properties with 333 residential units in New York City with 308,435 square feet and a city-determined market value of $16.9 million. (Market value is typically about 50% of actual value.) The portfolio has $34.9 million in debt, borrowed from JPMorgan Chase and PIMCO. Within the portfolio, the bulk, or 53 percent of the 308,435 square feet of built space are elevator properties, with walkup properties next occupying 47 percent of the space. The bulk, or 61 percent of the built space, is in Bronx, with Brooklyn next at 39 percent of the space.

Direct link to first transaction. link
Direct link to second transaction. link
Direct link to third transaction. link