Robert Lumaj buys $16M note secured by 53-unit Bronx project

Robert Lumaj through the entity 653 Mace LLC bought a note with an original principal of $16 million from ACRES Capital secured by Abraham Wieder’s development (V0) at 2500 Barker Avenue in Allerton, Bronx.

On the lot, there is one active new building construction project for a 53-unit, 48,452 square-foot R-2 building. The project was developed by Abraham Wieder with plans filed March 19, 2019 and permitted February 11, 2021.

The note sale closed on January 19, 2023 and was recorded on January 26, 2023. The prior lender was ACRES Capital which held debt that had an original loan amount of $16 million.
Abraham Wieder borrowed the $16 million for his company Supreme Equities to develop this project.

The property

The 2500 Barker Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. 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 $410,000.The most recent loan totaled $16 million and was provided by ACRES Capital on November 2, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation, $16,250 in ECB penalties, and $21,750 in OATH penalties in the last year.

The neighborhood

In Allerton, the majority, or 60 percent of the 12.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Allerton has the 30th highest sale turnover among other neighborhoods in Bronx with $43.4 million in sales volume in the last two years. For development, Allerton has had very little major development activity relative to other neighborhoods.It had 536,198 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 13 commercial properties representing 177,662 square feet of the 273,610 square feet. The two identified owners are Finkelstein Timberger East Real Estate and Abraham Wieder.
On the tax block, there was one new building construction project filed totaling 48,452 square feet. It is a 53-unit, 48,452-square-foot R-2 building developed by Abraham Wieder with plans filed March 19, 2019 and permitted February 11, 2021.

The majority, or 60 percent of the 273,610 square feet of built space are elevator buildings, with walkup buildings next occupying 34 percent of the space.

The borrower

The PincusCo database currently indicates that Abraham Wieder owned at least three commercial properties in New York City with 4,260 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio has $16 million in debt, with top three lenders as ACRES Capital, Forethought Life Insurance Company, and Toorak Capital Partners respectively. Within the portfolio, the bulk, or 56 percent of the 4,260 square feet of built space are elevator properties, with B1 properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Bronx, with Brooklyn next at 44 percent of the space.

Direct link to Acris document. link