W Financial buys two Bronx notes for $11M

W Financial Reit bought a note with an original principal of $5.65 million from Broad X Funding LLC secured by Darren Singer’s 22-unit rental (D1) at 417 East 135th Street in Mott Haven, Bronx.
The deal closed on June 28, 2021 and was recorded on July 14, 2021.
The property has 14,996 square feet of built space and 0 square feet of additional air rights for a total buildable of 12,150 square feet according to PincusCo analysis of city data.
The owner bought the property on December 31, 2018, for $1.7 million.
(220527419)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 22 residential units on September 17, 2020. (220527419) Plans for a 22-unit, 14,996 square-foot R-2 were filed on April 21, 2016 and were permitted on December 12, 2019.

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In the second deal, W Financial Reit, Ltd bought a note with an original principal of $5.65 million from Toorak Capital Partners LLC secured by Darren Singer’s 20-unit rental (D1) at 109 Bruckner Blvd in Mott Haven, Bronx.
The deal closed on June 21, 2021 and was recorded on July 14, 2021.
The property has 18,961 square feet of built space and 0 square feet of additional air rights for a total buildable of 14,100 square feet according to PincusCo analysis of city data.
The owner bought the property on June 2, 2017, for $7 million.
(220606137)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 20 residential units on December 3, 2020. (220606137) Plans for a 20-unit, 14,094 square-foot R-2 were filed on July 13, 2017 and were permitted on April 23, 2019.
The owner according to the Department of Housing Preservation and Development is Darren Singer, head officer. The business entity is 109 Bruckner Llc.
Within a 400-foot radius of 109 Bruckner Blvd, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on August 19, 2020 for a 37,396-square-foot R-2 building with 55 residential units at 101 Bruckner Boulevard.
Of those four items, two were loans above $5 million totaling $20.0 million. The most recent of the two was Martin Spitzer which borrowed $5.8 million from Citi Real Estate Funding secured by the 17,565-square-foot, 17-unit rental (D3) on BROWN Place on June 14, 2021.

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