Shloime Goldstein signs $23.5M construction loan for development in Highbridge
Shloime Goldstein through the entity 979 Ogden LLC as borrower signed a construction loan with lender NorthEast Community Bank through the entity Northeast Community Bank valued at $23.5 million for the development building (V1) at 978 Summit Avenue in Highbridge, Bronx.
On the lot, there is one active new building construction project for a 72-unit, 56,397 square-foot R-2 building. The project was submitted by VAJA Group and filed by Moses Freund with plans filed March 13, 2022 and permitted May 5, 2022.
The deal closed on July 9, 2024 and was recorded on July 12, 2024.
The owner bought the property on September 24, 2019, for $3.4 million. The signatory for Shloime Goldstein was Shloime Goldstein.
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 $2,190 in OATH penalties in the last year.
The neighborhood
In Highbridge, The majority, or 60 percent of the 12.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 26 percent of the space. In sales, Highbridge has the 20th highest sale turnover among other neighborhoods in Bronx with $54.4 million in sales volume in the last two years. For development, Highbridge has near average amount of major developments among other neighborhoods and is the 7th highest in Bronx. It had 959,909 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 131,063 square feet of the 277,566 square feet. The largest owner is Shloime Goldstein, followed by Lightstone Group and then Kamgirsons & Company.
On the tax block, there were two new building construction projects totaling 73,733 square feet. The largest is a 72-unit, 56,397 square-foot residential (R-2) building submitted by VAJA Group and filed by Moses Freund with plans filed March 13, 2022 and permitted May 5, 2022. The second largest is a 26-unit, 17,336 square-foot residential (R-2) building submitted by Arjon Mucejani with plans filed June 20, 2018 and it has not been permitted yet.
The majority, or 80 percent of the 277,566 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.
The borrower
The PincusCo database currently indicates that Shloime Goldstein owned at least two commercial properties with 116 residential units in New York City with 117,722 square feet and a city-determined market value of $6.1 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from Valley National Bank. Within the portfolio, all identified are elevator properties. They are all located in Bronx.
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