Shimshon Grunstein gets $5.8M refi with IceCap Group for 20-unit in Williamsbridge

Shimshon Grunstein through the entity SHG 3602 LLC as borrower obtained a refi loan with lender IceCap Group through the entity Ice Lender Holdings LLC valued at $5.8 million for the 20-unit building (C3) at 3602 Holland Avenue in Williamsbridge, Bronx.
On the lot, there was one major alteration construction project, 220726436, for a 20-unit, 12,128 square-foot R-2 building. The project was submitted by Wolf Markowitz with plans filed February 21, 2020 and permitted June 24, 2022.
The deal closed on November 7, 2024 and was recorded on December 13, 2024. The prior lender was Tideway Capital Group which held debt that had an original loan amount of $4.2 million. The loan price per the alteration project square footage is $478 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 Shimshon Grunstein was Ascher Berkowitz. The signatory for IceCap Group was Joseph Sasson.

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 $20,175 in ECB penalties and $23,145 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of six of the 25 commercial properties representing 35,439 square feet of the 121,134 square feet. The largest owner is Alan A. Garvey, followed by Joel Wertzberger and then Lloyd Garten.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 121,134 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Shimshon Grunstein owned at least seven commercial properties with 125 residential units in New York City with 102,054 square feet and a city-determined market value of $15.5 million. (Market value is typically about 50% of actual value.) The portfolio has $76.4 million in debt, with top three lenders as Spruce Capital, Amalgamated Bank, and Starwood Mortgage Capital respectively. Within the portfolio, the bulk, or 77 percent of the 102,054 square feet of built space are elevator properties, with M4 properties next occupying 8 percent of the space. They are all located in Bronx.

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