Shaya Seidenfeld signs $13M construction loan for 44-unit project in Melrose

Shaya Seidenfeld through the entity Melrose Manor LLC as borrower signed a new construction loan with lender Ponce Bank valued at $13 million for the development (V1) at 414-416 East 152nd Street in Melrose, Bronx.
The deal closed on July 17, 2023 and was recorded on July 24, 2023. The prior lender was Kedishas Aharon D’Hadas which held debt that had an original loan amount of $1,000,000.
On the lot, there is one active new building construction project for a 44-unit, 40,453 square-foot R-2 building. The project was submitted by Shaya Seidenfeld with plans filed April 21, 2021 and permitted March 1, 2023.

The owner bought the property on December 22, 2020, for $1.6 million. The signatory for Shaya Seidenfeld was Shaya Seidenfeld. The signatory for Ponce Bank was Steven A. Tsavaris.

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 one DOB violation, $4,900 in ECB penalties in the last year.

The neighborhood

In Melrose, The majority, or 57 percent of the 8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 17 percent of the space. In sales, Melrose has the 23rd highest sale turnover among other neighborhoods in Bronx with $66.4 million in sales volume in the last two years. For development, Melrose has had very little major development activity relative to other neighborhoods.It had 384,856 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 seven of the 41 commercial properties representing 75,301 square feet of the 388,287 square feet. The largest owner is Rockaway Capital Partners, followed by Morad Khakshour and then Elysee Investment Company.
On the tax block, there were five new building construction projects totaling 120,705 square feet. The largest is a 53,198 square-foot educational (E) building submitted by Kiumarz Geula and filed by Kiumarz Geula with plans filed December 14, 2022 and it has not been permitted yet. The second largest is a 44-unit, 40,453 square-foot residential (R-2) building submitted by Shaya Seidenfeld with plans filed April 21, 2021 and permitted March 1, 2023.

The majority, or 40 percent of the 388,287 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Shaya Seidenfeld owned at least 15 commercial properties with 105 residential units in New York City with 86,216 square feet and a city-determined market value of $11.2 million. (Market value is typically about 50% of actual value.) The portfolio has $5.9 million in debt, borrowed from Northeast Community Bank and JBT Funding. Within the portfolio, the bulk, or 93 percent of the 86,216 square feet of built space are walkup properties, with mixed-use properties next occupying 7 percent of the space. The bulk, or 88 percent of the built space, is in Bronx, with Brooklyn next at 12 percent of the space.

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