Shimshon Grunstein signs $17.1M construction loan with NorthEast Community for 55-unit project in Allerton

Shimshon Grunstein through the entity 3006 Williamsbridge LLC as borrower signed a new construction loan with lender NorthEast Community Bank through the entity Northeast Community Bank valued at $17.1 million for the specialty building (P9) at 3006 Williamsbridge Road in Allerton, Bronx.

On the lot, there is one active new building construction project, X01194154, for a 55-unit, 46,905 square-foot residential (R-2) building. The project was submitted by Blue Sky Builders and filed by Hershy Silberstein with plans filed March 17, 2025 and permitted November 7, 2025.
The deal closed on January 13, 2026 and was recorded on February 11, 2026.
The signatory for Shimshon Grunstein was Shimshon Grunstein.

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 three DOB violations, $2,500 in ECB penalties, and $2,980 in OATH penalties in the last year.

The neighborhood

In Allerton, The majority, or 60 percent of the 12.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Allerton has had very little sales volume relative to other neighborhoods with $204.5 million in sales volume in the last two years. For development, Allerton has had very little major development activity relative to other neighborhoods.It had 914,346 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 226,036 square feet of the 238,963 square feet. The identified owner is Ved Parkash.
On the tax block, there was one new building construction project filed totaling 42,887 square feet. It is a 55-unit, 42,887 square-foot residential (R-2) building submitted by Blue Sky Builders and filed by Hershy Silberstein with plans filed March 17, 2025 and permitted November 7, 2025.

The majority, or 95 percent of the 238,963 square feet of built space are elevator buildings, with walkup buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Shimshon Grunstein owned at least 10 commercial properties with 186 residential units in New York City with 114,742 square feet and a city-determined market value of $17.9 million. (Market value is typically about 50% of actual value.) The portfolio has $129.6 million in debt, with top three lenders as Citibank, NorthEast Community Bank, and Spruce Capital respectively. Within the portfolio, the bulk, or 69 percent of the 114,742 square feet of built space are elevator properties, with M4 properties next occupying 7 percent of the space. They are all located in Bronx.

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