Simone Development signs $88M refi with ConnectOne for office in Pelham Bay
Simone Development Companies through the entity Hutch Metro Center I LLC as borrower signed a refi loan with lender ConnectOne Bank valued at $88 million for the office building (O5) at 1200 Waters Place in Pelham Bay, Bronx.
The deal closed on October 8, 2025 and was recorded on October 23, 2025. The prior lender was Series 2015-C29 with servicer LNR Partners which held debt that had an original loan amount of $100 million.
The property has 450,879 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $195 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 Simone Development Companies was Joseph Simone . The signatory for ConnectOne Bank was Timothy Florio.
Prior sales and revenue
The 450,879-square-foot property generated revenue of $21 million or $47 per square foot, according to the most recent income and expense figures.
The property
The office building in Pelham Bay has 450,879 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 652 feet and is 861 feet deep with a total lot size of 396,174 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $89.7 million.
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 $700 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on July 19, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Pelham Bay, The bulk, or 27 percent of the 6.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Pelham Bay has the 23rd highest sale turnover among other neighborhoods in Bronx with $64.9 million in sales volume in the last two years. For development, Pelham Bay has had very little major development activity relative to other neighborhoods.It had 392,900 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.
The block
On this tax block, PincusCo has identified the owners of 16 of the 33 commercial properties representing 2,605,762 square feet of the 3,871,107 square feet. The largest owner is City Of New York, followed by Simone Development Companies and then Realterm.
On the tax block, there was one new building construction project filed totaling 18,619 square feet. It is a 18,619 square-foot storage (S-1) building submitted by Donald Engels with plans filed September 25, 2018 and it has not been permitted yet.
The majority, or 58 percent of the 3.9 million square feet of built space are specialty buildings, with industrial buildings next occupying 28 percent of the space.
The borrower
The PincusCo database currently indicates that Simone Development Companies owned at least 23 commercial properties in New York City with 1,448,683 square feet and a city-determined market value of $189 million. (Market value is typically about 50% of actual value.) The portfolio has $368.4 million in debt, with top three lenders as Union Labor Life Insurance Company, Bank of America, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 57 percent of the 1,448,683 square feet of built space are industrial properties, with office properties next occupying 36 percent of the space. They are all located in Bronx.
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