Steven Westreich signs $7M refi loan with Lima One for 23-unit building in Kingsbridge Heights

Steven Westreich through the entity YSLW Sedgwick LLC as borrower signed a refi loan with lender Lima One Capital through the entity Lima One Capital LLC valued at $7 million for the 23-unit new construction building at 2835 Sedgwick Avenue in Kingsbridge Heights, Bronx.

On the lot, there is a major alteration project for a 23-unit, 11,639 square-foot R-2 building submitted by Yaakov Lefkowitz with plans filed December 21, 2021 and permitted May 25, 2022.
The deal closed on November 22, 2023 and was recorded on November 28, 2023. The prior lender was IceCap Group which held debt that had an original loan amount of $4.4 million.

The owner bought the property on February 3, 2022, for $1.3 million. The signatory for Steven Westreich was Steven Westreich. The signatory for Lima One Capital was John Hopkins.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Steven Westreich, head officer and Lynette Perez, agent. The business entities are Westorchard Management and Yslw Sedgwick.

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 $23,020 in ECB penalties and $25,630 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 12 of the 27 commercial properties representing 944,238 square feet of the 1,213,554 square feet. The largest owner is Ved Parkash, followed by Shapour “Paul” Sohayegh and then NYC Department Of Education.
On the tax block, there were three new building construction projects totaling 35,503 square feet. The largest is a 30-unit, 14,834 square-foot residential (R-2) building submitted by Moshe Zlicha with plans filed August 6, 2019 and permitted August 13, 2020. The second largest is a 20-unit, 14,800 square-foot residential (R-2) building submitted by Moshe Zlicha and filed by Moshe Zlicha with plans filed April 11, 2022 and it has not been permitted yet.

The majority, or 49 percent of the 1.2 million square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Steven Westreich owned at least three commercial properties with 20 residential units in New York City with 20,007 square feet and a city-determined market value of $2.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 53 percent of the 20,007 square feet of built space are industrial properties, with elevator properties next occupying 47 percent of the space. They are all located in Bronx.

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