Pistilli Realty signs $31.2M refi loan with Signature Bank for rental in Bronx

Pistilli Realty Group signed two loans for two separate properties in the Bronx totaling $31.2 million with Signature Bank.

In the first, Pistilli Realty Group through the entity 1555 Grand Concourse LLC as borrower signed a refi loan with lender Signature Bank valued at $20.5 million for the 149-unit rental (D1) at 1555 Grand Concourse in Tremont, Bronx.
The deal closed on April 22, 2021 and was recorded on May 3, 2021.
The property has 138,737 square feet of built space and 68,062 square feet of additional air rights for a total buildable of 206,937 square feet according to PincusCo analysis of city data. The loan price per built square foot is $147 and the price per buildable square foot is $98 per the PincusCo analysis.
The owner bought the property on 4-Oct-17, for $29.8 million.
The signatory for Pistilli Realty Group was Joseph Pistilli.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $177,000. Those filings sought to increase the number of residential units by 3 to 150 There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $670,000. (220667268) One of the projects were to change the building from a J-2 to a R-2 and change the number of residential units from 147 to 150 and were permitted on March 22, 2021.
This includes a $2.7 million gap loan.
The owners according to the Department of Housing Preservation and Development includes Joseph Pistilli, head officer and Anthony Pistilli, officer. The business entity is 1555 Grand Concourse Llc.

Direct link to Acris document. link

In the second loan, Pistilli Realty Group through the entity 655 Pelham Pistilli LLC as borrower signed a refi loan with lender Signature Bank valued at $10.7 million for the 86-unit rental (D1) at 655 Pelham Parkway North in Bronx, Bronx.
The deal closed on April 22, 2021 and was recorded on May 3, 2021.
The property has 78,358 square feet of built space and 0 square feet of additional air rights for a total buildable of 45,198 square feet according to PincusCo analysis of city data. The loan price per built square foot is $135 per the PincusCo analysis.
The owner bought the property on 10-Jan-05, for $8.7 million.
The signatory for Pistilli Realty Group was Joseph Pistilli.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The owners according to the Department of Housing Preservation and Development includes Anthony Pistilli, head officer and Joseph Pistilli, officer. The business entity is 655 Pelham Pistilli Llc.

Direct link to Acris document. link