Toorak Capital buys $1.4M note secured by two-unit building in Longwood Melrose

Toorak Capital Partners bought a note with an original principal of $1.4 million from Ice Lender Holdings secured by Joel Mittelman’s two-unit two-family building (B1) at 1255 Findlay Avenue in Longwood Melrose, Bronx.
The deal closed on November 16, 2020 and was recorded on June 28, 2021.
The property has 2,646 square feet of built space and 6,446 square feet of additional air rights for a total buildable of 9,088 square feet according to PincusCo analysis of city data. The loan price per built square foot is $0 and the price per buildable square foot is $0 per the PincusCo analysis.
The owner bought the property on 8-Dec-20, for $570,000.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $401,800. Those filings sought to increase the number of residential units by 7 to 9.

Direct link to Acris document. link