Solomon Schwimmer, Joel Biner sign $8.4M refi for 23-unit elevator building in East Morrisania

Solomon Schwimmer and Joel Biner through the entity 1321-1323 Chisholm LLC as borrower signed a refi loan with lender Bank of Princeton valued at $8.4 million for the midblock 23-unit residential elevator building at 1323 Chisholm Street in East Morrisania, Bronx.
The deal closed on February 25, 2022 and was recorded on March 10, 2022. The prior lender was Northeast Community Bank which held debt that had an original loan amount of $5.2 million. The property has 18,965 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $442 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 December 10, 2019, for $900,000. The signatory for Solomon Schwimmer and Joel Biner was Solomon Schwimmer and Joel Biner. The signatory for Bank of Princeton was William McCoy.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Solomon Schwimmer, head officer and Abe Fixler, agent. The business entity is 1321-1323 Chisholm Llc.

The property

The 1323 Chisholm Street parcel has frontage of 20 feet and is 113 feet deep with a total lot size of 2,270 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million.The most recent loan totaled $5.2 million and was provided by Northeast Community Bank on November 20, 2020.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $2,500 in ECB penalties and $2,630 in OATH penalties in the last year.

Development

On these lots, there was one active new building construction project for a 23-unit, 16,014-square-foot R-2 building. The project was developed by Moses Freund with plans filed December 18, 2019 and permitted September 25, 2020.

The neighborhood

In East Morrisania, the bulk, or 32 percent of the 15.9 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space. In sales, East Morrisania has had very little sales volume relative to other neighborhoods with $78.6 million in sales volume in the last two years. For development, East Morrisania has near average amount of major developments among other neighborhoods and is the 10th highest in Bronx. It had 812,328 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 33,525 square feet of the 113,725 square feet. The two identified owners are Solomon Schwimmer and Yitzchok Weinberg.

The majority, or 48 percent of the 196,332 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 37 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 1323 Chisholm Street that occurred over the past 24 months.

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