Spaxel signs $9.9M construction loan with Metropolitan Commerical for development site in Tremont

Spaxel through the entity 1745 West Farms Road LLC as borrower signed a new construction loan with lender Metropolitan Commerical Bank valued at $9.9 million for the development site (V0) at 1745 West Farms Road in Tremont, Bronx.
The deal closed on June 11, 2021 and was recorded on June 28, 2021.
The property has 0 square feet of built space and 33,910 square feet of additional air rights for a total buildable of 33,910 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $293 per the PincusCo analysis.
The owner bought the property on 3-Apr-19, for $1.7 million.
The signatory for Spaxel was Granit Gjonbalaj.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There has been one new building permit application Those plans include a total of 50 residential units.

There has been one demolition project filed for the parcels over the past five years.
Granit Gjonbalaj is a managing partner for Sapxel and the ex CDO of WeWork.
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