Shimshon Grunstein signs $9.6M construction loan with S3 Capital for 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 $9.6 million for the development site (V0) at 550 Trinity Avenue in Morrisania, Bronx.
The deal closed on June 3, 2021 and was recorded on August 26, 2021.
(220723741) Plans for a 52-unit, 38,753 square-foot R-2 were filed on February 20, 2020 and were permitted on December 17, 2020.
The loan price per buildable square foot is $248 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 Shimshon Grunstein.

Within a 400-foot radius of 550 Trinity Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on December 17, 2020 for a 33,126-square-foot R-2 building with 45 residential units at 571 Jackson Avenue.
Of those four 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.
Of those four items, two were loans above $5 million totaling $18.3 million. The most recent of the two was Joel Wertzberger which borrowed $10.5 million from Arbor Realty Trust secured by the 31,300-square-foot, three-unit three-family building (C0) on 583B Jackson Avenue and 10 other properties on August 6, 2021.

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