Simcha Applegrad signs $15.9M refi with Signature Bank for rental in Tremont

Simcha Applegrad through the entity Grand Concourse Estates LLC as borrower signed a refi loan with lender Signature Bank valued at $15.9 million for the 138-unit rental (C7) at 1420 Grand Concourse in Tremont, Bronx.
The deal closed on July 10, 2021 and was recorded on August 23, 2021.
The property has 146,490 square feet of built space and 83,857 square feet of additional air rights for a total buildable of 230,511 square feet according to PincusCo analysis of city data. The loan price per built square foot is $108 and the price per buildable square foot is $69 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 owner bought the property on 28-Oct-14, for $18.7 million.
The signatory for Simcha Applegrad was Simcha Applegrad.

The owners according to the Department of Housing Preservation and Development includes Sam Applegrad, head officer and Arie Weissman, officer. The business entity is Grand Concourse Estates Llc.

Within a 400-foot radius of 1420 Grand Concourse, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $14.4 million. The most recent of the two was Neighborhood Restore Housing Development Fund Corporation which bought the 54,228-square-foot, 62-unit rental (C7) on 1454 Grand Concourse for $8.9 million from Blackshore Realty Group on July 13, 2021.
Of those four items, two were loans above $5 million totaling $140.9 million. The most recent of the two was Neighborhood Restore Housing Development Fund Corporation which borrowed $135.2 million from New York City Housing Development Corporation secured by the 30,430-square-foot, 35-unit rental (C1) on 1410 Grand Concourse and 14 other properties on July 13, 2021.

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