Sumir Sahgal signs $11.3M refi with Bank of America for five properties in Bronx

Sumir P. Sahgal through the entity 1371 Seabury Avenue Realty LLC as borrower signed a refi loan with lender Bank of America valued at $11.3 million for five properties including the 48-unit 1550 University Avenue in Morris Heights, Bronx, industrial (F4) at 1371 Seabury Avenue in Westchester Square, Bronx, and office building (O2) at 2614 Halperin Avenue in Westchester Square, Bronx.
The deal closed on September 15, 2021 and was recorded on September 30, 2021.
The five properties have 37,567 square feet of built space and 11,538 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $301 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 Sumir P. Sahgal was Sumir P. Sahgal.

The $11 million loan is a mortgage spreader with a $5 million debt added for this property.

Within a 400-foot radius of 2614 Halperin Avenue, PincusCo identified one commercial real estate item of interest occurred over the past 24 months.
It was a new building permit application filed on August 18, 2020 for a 34,375-square-foot hotel R-1 building with 18 units at 1374 Blondell Avenue.

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