Spaxel, Atalaya, CBRE fund sign $19.8M construction loan for 73-unit project in Fordham Manor

CBRE Investment Management, Spaxel, and Atalaya Capital Management through the entity Spaxel CBRE Creston LLC as borrower signed a new construction loan with lender First-Citizens Bank & Trust Company valued at $19.8 million for a development site including 2710 Creston Avenue in Fordham Manor, Bronx.
On these lots, there is one active new building construction project for a 73-unit, 49,654 square-foot R-2 building. The project was submitted by Spaxel and filed by Shkumbin Selimaj with plans filed March 1, 2021.
The deal closed on April 28, 2023 and was recorded on May 8, 2023. The four properties have 8,511 square feet of built space and 41,072 square feet of additional air rights for a total buildable of 49,586 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,323 and the price per buildable square foot is $398 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 CBRE Investment Management, Spaxel, and Atalaya Capital Management was Granit Gjonbalaj.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $4,850 in OATH penalties in the last year.

The block

On the tax block of 2710 Creston Avenue, PincusCo has identified the owners of eight of the 11 commercial properties representing 508,308 square feet of the 544,441 square feet. The largest owner is Shaban Mehaj, followed by Robert Rosenberg and then Robert Miller.
On the tax block, there were two new building construction projects totaling 83,434 square feet. The largest is a 73-unit, 49,654 square-foot residential (R-2) building submitted by Spaxel and filed by Shkumbin Selimaj with plans filed March 1, 2021 and it has not been permitted yet. The second largest is a 54-unit, 33,780 square-foot residential (R-2) building submitted by Ben Zahler and filed by Ben Zahler with plans filed December 6, 2021 and permitted May 25, 2022.

The majority, or 87 percent of the 544,441 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that CBRE Investment Management owned at least two commercial properties in New York City with 665,733 square feet and a city-determined market value of $52.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Brooklyn.
The PincusCo database currently indicates that Spaxel owned at least two commercial properties with 44 residential units in New York City with 27,605 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio has $17.2 million in debt, borrowed from Metropolitan Commercial Bank and Sterling National Bank. Within the portfolio, the bulk, or 100 percent of the 27,605 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

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