Sandra Erickson Real Estate signs $26.5M rehab construction loan with Webster Bank for three properties in BRONX

Sandra Erickson Real Estate through the entity Grant Tpt LLC as borrower signed a rehab construction loan with lender Webster Bank valued at $26.5 million for three properties with 100 residential units including the 68-unit walkup building (C6) at 1113 Grant Avenue in Concourse Village, Bronx, 24-unit residential walkup building (C1) at 1033 Cauldwell Avenue in Morrisania, Bronx, and eight-unit walkup building (C6) at 1211 Washington Avenue in Morrisania, Bronx.
The deal closed on June 29, 2023 and was recorded on July 11, 2023. The three properties have 79,386 square feet of built space and 4,440 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $333 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 Sandra Erickson Real Estate was Sandra Erickson.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1113 Grant Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Salvatore D’Avola, head officer and Sandra Erickson, agent. The business entities are Sandra Erickson Real Estate Inc and Neighborhood Restore Hdfc.

The property

The walkup building with 68 residential units in Concourse Village has 79,386 square feet of built space and 4,440 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 156 feet and is 100 feet deep with a total lot size of 15,651 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations and $3,000 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Concourse Village, The bulk, or 39 percent of the 17.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Concourse Village has had very little sales volume relative to other neighborhoods with $183.3 million in sales volume in the last two years. For development, Concourse Village has had very little major development activity relative to other neighborhoods.It had 461,250 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 1113 Grant Avenue, PincusCo has identified the owners of four of the 10 commercial properties representing 166,399 square feet of the 222,541 square feet. The largest owner is Yitzchok Salamon, followed by Settlement Housing Fund and then Morgan Group.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 222,541 square feet of built space are elevator buildings, with walkup buildings next occupying 42 percent of the space.

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