Seagis Property Group signs $6M initial loan with JPMorgan Chase for industrial building in Unionport

Seagis Property Group through the entity 1108 Zerega Ave LLC as borrower signed an initial loan with lender JPMorgan Chase valued at $6 million for the industrial building at 1108 Zerega Avenue in Unionport, Bronx.
The deal closed on February 11, 2022 and was recorded on February 17, 2022.
The property has 13,880 square feet of built space and 14,447 square feet of additional air rights for a total buildable of 28,328 square feet according to PincusCo analysis of city data. The loan price per built square foot is $432 and the price per buildable square foot is $211 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 May 6, 2021, for $7 million.
The signatory for Seagis Property Group was Timothy E. McKenna.
In Unionport, the bulk, or 41 percent of the 12.2 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 19 percent of the space. In sales, Unionport has had very little sales volume relative to other neighborhoods with $125.8 million in sales volume in the last two years. For development, Unionport has had very little major development activity relative to other neighborhoods.It had 122,145 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 88 percent of the 292,312 square feet of built space are industrial buildings, with office buildings next occupying 11 percent of the space.

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