SKF Development signs $37.2M refi for 133-unit rental in Fordham Manor

SKF Development through the entity 2499 Sedgwick Development LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $37.2 million for the 113-unit residential elevator building (D7) at 2499 Sedgwick Avenue in Fordham Manor, Bronx.
The deal closed on October 11, 2024 and was recorded on November 13, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $22.3 million.The property has 120,781 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $308 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 May 22, 2019, for $2.8 million. The signatory for SKF Development was Robert J. Teitelbaum. The signatory for Metropolitan Commercial Bank was Craig Zajac and Ross Dehmen.

The property

The residential elevator building with 113 residential units in Fordham Manor has 120,781 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 226 feet and is 124 feet deep with a total lot size of 31,767 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $730,000. The most recent loan totaled $22.3 million and was provided by Valley National Bank on March 4, 2022.

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 three DOB violations, $2,500 in ECB penalties, and $7,530 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 14 of the 22 commercial properties representing 363,552 square feet of the 401,999 square feet. The largest owner is Jewish Board Of Family And Children’S Services, followed by Related Companies and then Ruben Diaz.
On the tax block, there were eight new building construction projects totaling 218,201 square feet. The largest is a 121-unit, 93,043 square-foot residential (R-2) building submitted by SKF Development and filed by Kim Tasher with plans filed December 11, 2019 and permitted August 6, 2021. The second largest is a 36-unit, 30,871 square-foot residential (R-2) building submitted by Micasa Living and filed by Ari Thaler with plans filed May 24, 2019 and permitted June 18, 2020.

The majority, or 47 percent of the 401,999 square feet of built space are walkup buildings, with elevator buildings next occupying 46 percent of the space.

The borrower

The PincusCo database currently indicates that Skf Development owned at least eight commercial properties with 508 residential units in New York City with 263,199 square feet and a city-determined market value of $21.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 263,199 square feet of built space are elevator properties, with D7 properties next occupying 27 percent of the space. They are all located in Bronx.

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