VAJA Group signs $8.7M initial loan with Accolend for new development in Fordham Manor

Moses Freund’s VAJA Group through the entity Fordham VAJA LLC as borrower signed an initial loan with lender Accolend valued at $8.7 million for three residential walkup properties with 27 residential units including the 10-unit residential walkup building (C1) at 368 East 194th Street, the 10-unit residential walkup building (C1) at 364 East 194th Street and the seven-unit residential walkup building (C1) at 372 East 194th Street in Fordham Manor, Bronx.
On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 21,466 square feet. The largest is a new building project for a 10-unit, 8,407 square-foot R-2 building submitted by Sukhjinder Singh with plans filed January 14, 2016 and permitted January 19, 2022. The second largest is a new building project for a 10-unit, 8,112 square-foot R-2 building submitted by Sukhjinder Singh with plans filed August 13, 2014 and permitted January 19, 2022.
The deal closed on November 15, 2023 and was recorded on November 22, 2023. The three properties have 22,624 square feet of built space and 782 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $384 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 VAJA Group was Moses Freund.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 364 East 194th Street.

The property

The residential walkup building with 10 residential units in Fordham Manor has 22,624 square feet of built space and 782 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 89 feet deep with a total lot size of 2,491 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $446,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three DOB violations and $24,210 in OATH penalties in the last year.

The block

On the tax block of 364 East 194th Street, PincusCo has identified the owners of eight of the 13 commercial properties representing 160,366 square feet of the 262,476 square feet. The largest owner is Vaja Group, followed by Maurice Mckenzie and then Fordham Bedford Housing Corporation.
On the tax block, there were three new building construction projects totaling 21,466 square feet. The largest is a 10-unit, 8,407 square-foot residential (R-2) building submitted by Sukhjinder Singh with plans filed January 14, 2016 and permitted January 19, 2022. The second largest is a 10-unit, 8,112 square-foot residential (R-2) building submitted by Sukhjinder Singh with plans filed August 13, 2014 and permitted January 19, 2022.

The majority, or 55 percent of the 262,476 square feet of built space are elevator buildings, with walkup buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that VAJA Group owned at least 11 commercial properties with 151 residential units in New York City with 63,789 square feet and a city-determined market value of $7.8 million. (Market value is typically about 50% of actual value.) The portfolio has $24.1 million in debt, borrowed from Northeast Community Bank. Within the portfolio, the bulk, or 60 percent of the 63,789 square feet of built space are walkup properties, with elevator properties next occupying 36 percent of the space. They are all located in Bronx.

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