Shimshon Grunstein signs $7.8M construction loan with S3 Capital for 45-unit development in Morrisania

Shimshon Grunstein through the entity 550 Trinity LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Funding III LLC valued at $7.8 million for the development site (V1) at 571 Jackson Avenue in Morrisania, Bronx.
The deal closed on June 3, 2021 and was recorded on August 4, 2021.
(220693952) Plans for a 45-unit, 33,126 square-foot R-2 were filed on January 22, 2020 and were permitted on December 17, 2020.

The price per buildable square foot is $235 per the PincusCo analysis.
The signatory for Shimshon Grunstein was Shimshon Grunstein.

Within a 400-foot radius of 571 Jackson Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on December 17, 2020 for a 38,753-square-foot residential R-2 building with 52 residential units at 554 Trinity Avenue.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on April 16, 2021 for the $4.6 million renovation of 23,165-square-foot R-2 building with 23 residential units at 585 Jackson Avenue.

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