Related Companies through the entity Related Retail Bruckner, LLC as borrower signed a refi loan with lender LMF Commercial valued at $21 million for the retail building (K8) at 2550 Bruckner Boulevard in Throgs Neck, Bronx.
The deal closed on September 21, 2023 and was recorded on October 4, 2023. The prior lender was Series 2013-C17 which held debt that had an original loan amount of $27 million.
The property has 135,743 square feet of built space and 925,060 square feet of additional air rights for a total buildable of 1,063,288 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $154 and the price per buildable square foot is $19 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 Related Companies was Glenn Goldstein. The signatory for LMF Commercial was Shanna Vidal-Pope.
The retail building in Throgs Neck has 135,743 square feet of built space and 925,060 square feet of additional air rights for a total buildable of 1,063,288 square feet according to a PincusCo analysis of city data. The parcel has frontage of 942 feet and is 833 feet deep with a total lot size of 531,644 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $32.3 million.
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 one DOB violation and $19,600 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Throgs Neck, The bulk, or 36 percent of the 5.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 29 percent of the space. In sales, Throgs Neck has the 33rd highest sale turnover among other neighborhoods in Bronx with $32.6 million in sales volume in the last two years. For development, Throgs Neck has had very little major development activity relative to other neighborhoods.It had -192,093 square feet of commercial and multi-family construction under development in the last two years, which represents -3.58 percent of the neighborhood’s built space.
There are no active new building construction projects on this tax block.
The majority, or 88 percent of the 154,793 square feet of built space are retail buildings, with specialty buildings next occupying 12 percent of the space.
The PincusCo database currently indicates that Related Companies owned at least 176 commercial properties with 9,555 residential units in New York City with 21,394,638 square feet and a city-determined market value of $5.9 billion. (Market value is typically about 50% of actual value.) The portfolio has $4.7 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Deutsche Bank respectively. Within the portfolio, the bulk, or 45 percent of the 21,394,638 square feet of built space are elevator properties, with office properties next occupying 30 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Bronx next at 24 percent of the space.
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