Sakander Raja signs $11.4M construction loan for 36-unit project in Fordham Manor

Sakander Raja through the entity 2680 Morris LLC as borrower signed a new construction loan with lender Ponce Bank valued at $11.4 million for the 36-unit project at 2680 Morris Avenue in Fordham Manor, Bronx.
On the lot, there is one active new building construction project for a 36-unit, 38,242 square-foot R-2 building. The project was developed by Sakander Raja with plans filed May 8, 2019 and it has not been permitted yet.
The deal closed on January 26, 2023 and was recorded on February 16, 2023. The property has zero square feet of built space and 36,294 square feet of additional air rights for a total buildable of 36,294 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $315 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 owner bought the property on September 15, 2005, for $430,000. The signatory for Sakander Raja was Sakander Raja.

The property

The 2680 Morris Avenue parcel has frontage of 50 feet and is 120 feet deep with a total lot size of 6,029 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $367,000.

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 $600 in OATH penalties in the last year.

The neighborhood

In Fordham Manor, the bulk, or 35 percent of the 18.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $111.5 million in sales volume in the last two years. For development, Fordham Manor has near average amount of major developments among other neighborhoods and is the 5th highest in Bronx. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 397,517 square feet of the 473,815 square feet. The largest owner is Ved Parkash, followed by United Developers and then Toporovsky Realty Group.
On the tax block, there was one new building construction project filed totaling 38,242 square feet. It is a 36-unit, 38,242-square-foot R-2 building developed by Sakander Raja with plans filed May 8, 2019 and permitted June 1, 2022.

The majority, or 71 percent of the 473,815 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Sakander Raja owned at least one commercial property in New York City with 7,150 square feet and a city-determined market value of $770,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

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