Toorak Capital buys $8.7M in notes secured by two Bronx properties

Toorak Capital Partners bought loans with an original principal of $8.7 million secured by two Bronx properties owned by separate companies in two separate transactions.

In the larger, Toorak Capital Partners bought a note with an original principal of $6.5 million from IceCap Group secured by Abraham Wieder’s 28-unit development at 1185 Washington Avenue in Morrisania, Bronx.
The deal closed on June 3, 2021 and was recorded on June 24, 2021.

The owner bought the property on 21-Jan-20, for $950,000.
Over the past five years, there have been 4 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 28 residential units.

There have been 3 demolition projects filed over the past five years. The demolition included 4 residential units.
Ezra Dweck is president of IceCap.

Within a 400-foot radius of 1185 Washington Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which The Bridge bought the 34,957-square-foot, 51-unit rental (D7) on 1228 Washington Avenue for $13 million from Descendants of Miriam Cohen on December 2, 2020.
One of those two items was a loan which The Bridge borrowed $11 million from Community Preservation Corporation secured by the 34,957-square-foot, 51-unit rental (D7) on 1228 Washington Avenue on December 2, 2020.

Direct link to Acris document. link

In the second, Toorak Capital Partners bought a note with an original principal of $2.2 million from IceCap Group secured by Chaim Schwartz’s eight-unit rental (C1) at 769 East 214th Street in Williamsbridge, Bronx.

The deal closed on December 3, 2020 and was recorded on June 24, 2021.
The property has 5,520 square feet of built space and 3,843 square feet of additional air rights for a total buildable of 9,375 square feet according to PincusCo analysis of city data.
The owner bought the property on 14-Dec-20, for $737,500.
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 $480,840. Those filings sought to increase the number of residential units by 8 to 14.
Joseph Oved is CEO of IceCap.
The owners according to the Department of Housing Preservation and Development include Alberta Parson, individual owner and Adelina Parson, site manager.
Within a 400-foot radius of 769 East 214th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on May 3, 2021 for a 22,413-square-foot R-2 building with 33 residential units residential units at 765 E 214th St.
Of those four items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.1 million and one permit with a total initial cost of $588,600.0. The most recent of these two items was the permit on November 24, 2020 for a 4,587-square-foot R-2 building with 11 residential units at 3606 Holland Avenue.
One of those four items was a loan which Aleksander Lakaj borrowed $5.6 million from Northeast Community Bank secured by the 34-unit rental (D7) on 765 East 214th Street on November 20, 2020.

Direct link to Acris document. link