Shalev Shoshani signs $13.4M refi with JPMorgan Chase for retail in Bronx

Shalev Shoshani and Shlomo Shoshani signed three refinance loans totaling $13.4 million with JPMorgan Chase for retail in Highbridge, Concourse and Mt. Eden, the Bronx, in three separate transactions.

In the largest, Shalev Shoshani and Shlomo Shoshani through the entity 1223 Realty Corp. as borrower signed a refi loan with lender JPMorgan Chase through the entity valued at $8.3 million for the retail building (K4) at 1203 Jerome Avenue in Highbridge, Bronx.
The deal closed on October 31, 2024 and was recorded on November 7, 2024. The prior lender was Flushing Bank which held debt that had an original loan amount of $8 million.The property has 32,569 square feet of built space and 158,340 square feet of additional air rights for a total buildable of 190,820 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $255 and the price per buildable square foot is $43 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.)

In the second, Shalev Shoshani and Shlomo Shoshani through the entity 1-9 East 167 Real Estate Corp. as borrower signed a refi loan with lender JPMorgan Chase valued at $3.6 million for the retail building (K2) at 1210 Jerome Avenue in Concourse, Bronx. The deal closed on October 31, 2024 and was recorded on November 7, 2024. The prior lender was Flushing Bank which held debt that had an original loan amount of $3.3 million.The property has 19,600 square feet of built space and 54,134 square feet of additional air rights for a total buildable of 73,748 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $182 and the price per buildable square foot is $48 per the PincusCo analysis

In the third, Shalev Shoshani and Shlomo Shoshani through the entity S6 1340 Realty LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $1.5 million for the retail building (K2) at 1340 Edward L Grant Hwy in Mt Eden, Bronx. The deal closed on October 31, 2024 and was recorded on November 7, 2024. The prior lender was Flushing Bank which held debt that had an original loan amount of $1.6 million.The property has 9,700 square feet of built space and 31,225 square feet of additional air rights for a total buildable of 40,908 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $157 and the price per buildable square foot is $37 per the PincusCo analysis.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $6,650 in OATH penalties in the last year.

The neighborhood

In Highbridge, The majority, or 60 percent of the 12.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 26 percent of the space. In sales, Highbridge has the 20th highest sale turnover among other neighborhoods in Bronx with $66.3 million in sales volume in the last two years. For development, Highbridge has had very little major development activity relative to other neighborhoods.It had 669,142 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 32 commercial properties representing 555,714 square feet of the 835,803 square feet. The largest owner is Shimon Greisman, followed by Isaac Herskovitz and then Martin Schwartz.
On the tax block, there were four new building construction projects totaling 124,646 square feet. The largest is a 121-unit, 80,678 square-foot residential (R-2) building submitted by Stagg Group and filed by Jay Martino with plans filed December 7, 2020 and permitted February 8, 2022. The second largest is a 39-unit, 30,128 square-foot hotel/dormitory/shelter (R-1) building submitted by Anthony Milohnic and filed by Anthony Milohnic with plans filed February 28, 2022 and permitted July 14, 2023.

The majority, or 71 percent of the 835,803 square feet of built space are elevator buildings, with development buildings next occupying 10 percent of the space.

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