Related Companies signs $55.7M in refi loans with New York Community Bank for rentals in Bronx

Related Companies signed $55.7 million in refinance loans with New York Community Bank for rentals in the Bronx in seven separate transactions.

In the first, Related Companies through the entity Nysandy4 Nbp15 LLC as borrower signed a refi loan with lender New York Community Bank valued at $13.3 million for the 157-unit rental (D1) at 2100 Bronx Park East in Pelham Parkway, Bronx.
The deal closed on June 1, 2021 and was recorded on July 22, 2021.
The property has 168,990 square feet of built space and 0 square feet of additional air rights for a total buildable of 136,282 square feet according to PincusCo analysis of city data. The loan price per built square foot is $78 per the PincusCo analysis.
The owner bought the property on 11-Apr-14, for $21 million.
The signatory for Related Companies was Seth Blau. The signatory for New York Community Bank was Daniel M. Bagatta.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $108,000.
The owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Peter Ferrera, agent. The business entity is Nysandy4 Nbp15 Llc.
Within a 400-foot radius of 2100 Bronx Park East, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Parkoff Organization borrowed $12.7 million from New York Community Bank secured by the 132,000-square-foot, 106-unit rental (D1) on 2084 Bronx Park East on December 3, 2020.

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In the second, Related Companies through the entity Nysandy3 Nbp6 LLC as borrower signed a refi loan with lender New York Community Bank valued at $9.0 million for the 100-unit rental (D1) at 2780 University Avenue in Kingsbridge, Bronx.
The deal closed on June 1, 2021 and was recorded on July 22, 2021.
The property has 98,313 square feet of built space and 0 square feet of additional air rights for a total buildable of 66,582 square feet according to PincusCo analysis of city data. The loan price per built square foot is $91 per the PincusCo analysis.
The owner bought the property on 5-Mar-14, for $14.2 million.
The signatory for Related Companies was Seth Blau.

The owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Peter Ferrera, agent. The business entities are Simply Better Apartment Homes and Nysandy3 Nbp6 Llc.
Within a 400-foot radius of 2780 University Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on December 9, 2019 for the $580,681.0 renovation of 4,513-square-foot R-2 building with eight residential units at 2781 Claflin Avenue.
Of those three items, two were loans above $5 million totaling $14.2 million. The most recent of the two was Mayer Weber which borrowed $5.2 million from Northeast Community Bank secured by the 2,816-square-foot, nine-unit rental (C1) on University Avenue and one other property on December 21, 2020.

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In the third, Related Companies through the entity Nysandy3 Nbp2 LLC as borrower signed a refi loan with lender New York Community Bank valued at $7.0 million for the 85-unit rental (D1) at 2160 Holland Avenue in Pelham Parkway, Bronx.
The deal closed on June 1, 2021 and was recorded on July 22, 2021.
The property has 82,548 square feet of built space and 0 square feet of additional air rights for a total buildable of 68,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $84 per the PincusCo analysis.
The owner bought the property on 14-Mar-14, for $11.0 million.
The signatory for Related Companies was Seth Blau. The signatory for New York Community Bank was Daniel M. Bagatta.

The owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Peter Ferrera, agent. The business entity is Nysandy3 Nbp2 Llc.
Within a 400-foot radius of 2160 Holland Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $22.4 million. The most recent of the three was Ezriel Weinberger which borrowed $7.3 million from New York Community Bank secured by the 75,288-square-foot, 68-unit rental (D1) on 2180 Wallace Avenue on June 17, 2021.

Direct link to Acris document. link

In the fourth, Related Companies through the entity Nysandy3 Nbp4 LLC as borrower signed a refi loan with lender New York Community Bank valued at $5.8 million for the 72-unit rental (D1) at 2180 Bolton Street in Pelham Parkway, Bronx.
The deal closed on June 1, 2021 and was recorded on July 22, 2021.
The property has 79,544 square feet of built space and 0 square feet of additional air rights for a total buildable of 60,200 square feet according to PincusCo analysis of city data. The loan price per built square foot is $72 per the PincusCo analysis.
The owner bought the property on 5-Mar-14, for $9.1 million.
The signatory for Related Companies was Seth Blau. The signatory for New York Community Bank was Daniel M. Bagatta.

The owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Peter Ferrera, agent. The business entity is Nysandy3 Nbp4 Llc.
Within a 400-foot radius of 2180 Bolton Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Ruben Luna bought the 9,500-square-foot, six-unit retail building (K1) on 2182 White Plains Road for $8 million from Michael Sperazza on August 13, 2020.

Direct link to Acris document. link

In the fifth, Related Companies through the entity Nysandy3 Nbp1 LLC as borrower signed a refi loan with lender New York Community Bank valued at $5.8 million for the 72-unit rental (D1) at 2160 Bolton Street in Pelham Parkway, Bronx.
The deal closed on June 1, 2021 and was recorded on July 22, 2021.
The property has 74,826 square feet of built space and 0 square feet of additional air rights for a total buildable of 59,856 square feet according to PincusCo analysis of city data. The loan price per built square foot is $76 per the PincusCo analysis.
The owner bought the property on 5-Mar-14, for $9.1 million.
The signatory for Related Companies was Seth Blau. The signatory for New York Community Bank was Daniel M. Bagatta.

The owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Peter Ferrera, agent. The business entity is Nysandy3 Nbp1.

Direct link to Acris document. link

In the sixth, Related Companies through the entity Nysandy3 Nbp3 LLC as borrower signed a refi loan with lender New York Community Bank valued at $5.4 million for the 67-unit rental (D1) at 2165 Bolton Street in Pelham Parkway, Bronx.
The deal closed on June 1, 2021 and was recorded on July 22, 2021.
The property has 70,230 square feet of built space and 0 square feet of additional air rights for a total buildable of 61,682 square feet according to PincusCo analysis of city data. The loan price per built square foot is $76 per the PincusCo analysis.
The owner bought the property on 5-Mar-14, for $8.5 million.
The signatory for Related Companies was Seth Blau. The signatory for New York Community Bank was Daniel M. Bagatta.
The owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Peter Ferrera, agent. The business entity is Nysandy3 Nbp3 Llc.

Direct link to Acris document. link