Timber Equities signs $21M construction loan with Bank Hapoalim for 60-unit project in Inwood
Timber Equities through the entity 5055 Broadway L.P. as borrower signed a new construction loan with lender Bank Hapoalim valued at $21 million for the 60-unit project at 5055 Broadway in Inwood, Manhattan.
On the lot, there is one active new building construction project, M00578593, for a 60-unit, 43,203 square-foot residential (R-2) building. The project was submitted by Timber Equities and filed by Michel Perle with plans filed September 8, 2021 and permitted June 2, 2022.
The deal closed on July 19, 2024 and was recorded on August 1, 2024.
The owner bought the property on October 29, 2020, for $3.4 million. The signatory for Timber Equities was Joseph Seidenfeld.
The property
The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $639,000.
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 $1,250 in ECB penalties and $1,250 in OATH penalties in the last year.
The neighborhood
In Inwood, The bulk, or 43 percent of the 15 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 34 percent of the space. In sales, Inwood has had very little sales volume relative to other neighborhoods with $89.9 million in sales volume in the last two years. For development, Inwood has 1.4 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 15 of the 31 commercial properties representing 714,687 square feet of the 1,042,349 square feet. The largest owner is Aaron Sussman, followed by Azimuth Development Group and then Chaim Schweid.
On the tax block, there was one new building construction project filed totaling 43,203 square feet. It is a 60-unit, 43,203 square-foot residential (R-2) building submitted by Timber Equities and filed by Michel Perle with plans filed September 8, 2021 and permitted June 2, 2022.
The majority, or 59 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.
The borrower
The PincusCo database currently indicates that Timber Equities owned at least five commercial properties with 86 residential units in New York City with 40,751 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio has $99.8 million in debt, borrowed from Bank Hapoalim and Webster Bank. Within the portfolio, the bulk, or 94 percent of the 40,751 square feet of built space are elevator properties, with B2 properties next occupying 6 percent of the space. The bulk, or 94 percent of the built space, is in Bronx, with Manhattan next at 6 percent of the space.
Direct link to Acris document. link