Simcha Applegrad signs $8.8M refi with Arbor Realty for 47-unit walkup in Bedford Park

Simcha Applegrad through the entity Bx 2860 LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Commercial Funding I, LLC valued at $8.8 million for the 47-unit residential walkup building at 2860 Decatur Avenue in Bedford Park, Bronx.
The deal closed on January 13, 2022 and was recorded on January 28, 2022. The prior lender was Signature Bank which held debt that had an original loan amount of $7 million.
The property has 47,350 square feet of built space and 600 square feet of additional air rights for a total buildable of 48,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $184 and the price per buildable square foot is $182 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 July 29, 2019, for $9.4 million.
The signatory for Simcha Applegrad was Simcha Applegrad.
The 47,350-square-foot property generated revenue of $769,900 or $16 per square foot, according to the most recent income and expense figures.

(210180677)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 47 residential units on December 16, 2020.
In Bedford Park, the bulk, or 47 percent of the 22.8 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space. In sales, Bedford Park has had very little sales volume relative to other neighborhoods with $95.5 million in sales volume in the last two years. For development, Bedford Park has 1.4 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Bronx. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
On the tax block, the majority, or 57 percent of the 440,991 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 29 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Sam Applegrad, head officer and Arie Weissman, officer. The business entities are Ymy Acquisitions and Bx 2860 Llc.
Within a 400-foot radius of 2860 Decatur 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 June 7, 2021 for a 108,957-square-foot R-2 building with 188 residential units at 2850 Webster Avenue.
One of those four items was a sale which Douglaston Development bought the 21,818-square-foot, two-unit retail building (K1) on 410 Bedford Park Blvd and one other property for $10.7 million from New York Botanical Garden on September 10, 2020.
Of those four items, two were loans above $5 million totaling $41.4 million. The most recent of the two was Jacob Kempler Family Partnership which borrowed $8.2 million from New York Community Bank secured by the 47,259-square-foot, 45-unit rental (D9) on 2960 Decatur Avenue and one other property on March 26, 2021.

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