Vijay Gogia project gets $24M construction loan with BridgeCity for 90-unit project in Belmont

An 84-unit Vijay Gogia-construction project, owned by the entity Rvmim LLC, signed a new construction loan with lender BridgeCity Capital through the entity Golden Bridge R2 LLC valued at $24 million for the project at 2481 Crotona Avenue in Belmont, the Bronx.

On the lot, there is one active new building construction project for a 90-unit, 62,633 square-foot R-2 building. The project was developed by Vijay Gogia with plans filed December 10, 2021 and it has not been permitted yet.

The project is vested for 421a, according to the developer.

The loan deal closed on December 5, 2022 and was recorded on December 16, 2022. The prior lender was Soleiman Rabanipour’s Tehila Mangement which held debt that had an original loan amount of $1.8 million.
The owner bought the property on May 25, 2022, for $5 million. The signatory for Vijay Gogia was Martin Joseph. The principal of Tehila Management is Soleiman Rabanipour.

Prior sales and revenue

The 800-square-foot property generated revenue of $108,823 or $136 per square foot, according to the most recent income and expense figures.

The property

The 2481 Crotona Avenue parcel has frontage of 90 feet and is 133 feet deep with a total lot size of 11,160 square feet. The lot is irregular. The zoning is C4-5D which allows for up to 4.2 times floor area ratio (FAR) for commercial and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $534,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $625 in ECB penalties and $625 in OATH penalties in the last year.

The neighborhood

In Belmont/Little Italy, the bulk, or 44 percent of the 14.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Belmont/Little Italy has had very little sales volume relative to other neighborhoods with $204.5 million in sales volume in the last two years. For development, Belmont/Little Italy has had very little major development activity relative to other neighborhoods.It had 704,703 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 22 commercial properties representing 76,886 square feet of the 233,975 square feet. The largest owner is Brooklyn Standard Properties, followed by Shahin Daneshyar and then Sadhu Lall.
On the tax block, there were two new building construction projects totaling 161,835 square feet. The largest is a 145-unit, 99,202-square-foot R-2 building developed by Shahin Daneshvar with plans filed December 19, 2019 and permitted March 22, 2022. The second largest is a 84-unit, 62,633-square-foot R-2 building developed by Vijay Gogia with plans filed December 10, 2021 and it has not been permitted yet.

The majority, or 67 percent of the 233,975 square feet of built space are walkup buildings, with office buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Vijay Gogia owned at least one commercial property in New York City with 17,932 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Bronx.

Correction: A prior version of this story reported the number of units as 84, when in fact there are 90 units planned.

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