Pinches Abowitz signs $9.7M construction loan with S3 Capital for 59-unit project in East Morrisania

Pinches Abowitz through the entity 1164 Fox LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Funding II LLC valued at $9.7 million for four parcels including at 1164 through 1172 Fox Street in East Morrisania, Bronx.
There is a new building project for a 59-unit, 40,103 square-foot R-2 building developed by Peter Abowitz with plans filed March 3, 2022 and it has not been permitted yet.
The deal closed on February 15, 2023 and was recorded on February 16, 2023.The four properties have 1,188 square feet of built space and 39,561 square feet of additional air rights for a total buildable of 40,736 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $236 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 Pinches Abowitz was Pinches Abowitz.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1172 Fox Street.

The property

The 1172 Fox Street parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,092 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $452,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $3,750 in ECB penalties and $4,680 in OATH penalties in the last year.

The block

On the tax block of 1172 Fox Street, PincusCo has identified the owners of five of the six commercial properties representing 12,871 square feet of the 15,511 square feet. The largest owner is Workforce Housing Group, followed by Pinches Abowitz and then Chaitram Budhram.
On the tax block, there were three new building construction projects totaling 82,119 square feet. The largest is a 59-unit, 40,103-square-foot R-2 building developed by Peter Abowitz with plans filed March 3, 2022 and permitted June 4, 2022. The second largest is a 44-unit, 32,333-square-foot R-2 building developed by Robert Matatov with plans filed January 27, 2020 and it has not been permitted yet.

The majority, or 83 percent of the 15,511 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

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