Wavecrest signs $16.5M acquisition loan with Signature Bank for rental in Longwood

Wavecrest Management through the entity Rymar 1018 Co., LLC as borrower signed an acquisition loan with lender Signature Bank valued at $16.5 million for the 97-unit rental (D7) at 1018 East 163rd Street in Longwood, Bronx.
The deal closed on August 26, 2021 and was recorded on September 16, 2021. Wavecrest bought the parcels for $24 million on the same day.
The property has 156,980 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $105 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 Wavecrest Management was Joseph E. Camerata.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $85,000.

Within a 400-foot radius of 1018 East 163rd Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $5.9 million. The most recent of these two items was the filing on March 2, 2020 for a 29,825-square-foot R-2 building with 36 residential units at 911 Simpson Street.
One of those three items was a loan which Joel Werzberger borrowed $17.2 million from Northeast Community Bank secured by the 50,030-square-foot, 38-unit rental (D7) on 916 Southern Boulevard on January 6, 2021.

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