Westbridge, Andrea Gjini sign $10.5M refi for dev site in Kingsbridge

Westbridge Realty Group and Andrea Gjini through the entity North Bx Associates LLC as borrower signed a refi loan with lender IceCap Group through the entity Ice Lender Holdings LLC valued at $10.5 million for the development site at 205 West 230th Street and the development site at 5517 Broadway, which are adjacent properties in Kingsbridge, Bronx.

On the tax block, there were two new building construction projects both on the parcel currently known as 205 West 230th Street, totaling 113,354 square feet. The larger, X01201390, is a 99-unit, 68,682 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 31, 2025 and it has not been permitted yet. It is planned for a future lot 79, with the approximate address of 3010 Godwin Terrace. The other, X01202536, is a 65-unit, 44,672 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 31, 2025 and it has not been permitted yet. It is planned for the future lot 88, with an unknown address on Kimberly Place, but was filed with the address 5517 Broadway.

There is no new building plan for tax lot 99, which is commonly known as 5517 Broadway.

The deal closed on May 20, 2025 and was recorded on June 13, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $3.5 million.The two properties have 21,340 square feet of built space and 53,578 square feet of additional air rights for a total buildable of 74,831 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $492 and the price per buildable square foot is $140 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 Westbridge Realty Group and Andrea Gjini was Steven Westreich and Andrea Gjini.

The property

The specialty building in Kingsbridge has 21,340 square feet of built space and 53,578 square feet of additional air rights for a total buildable of 74,831 square feet according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 105 feet deep with a total lot size of 13,125 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 million. The most recent loan totaled $9.9 million and was provided by Signature Bank on July 9, 2021.

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 $11,820 in OATH penalties in the last year.

The neighborhood

In Kingsbridge, The bulk, or 32 percent of the 6.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Kingsbridge has the 26th highest sale turnover among other neighborhoods in Bronx with $41.5 million in sales volume in the last two years. For development, Kingsbridge has had very little major development activity relative to other neighborhoods.It had 484,894 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 5517 Broadway, PincusCo has identified the owners of three of the five commercial properties representing 67,393 square feet of the 79,693 square feet. The largest owner is Cactus Holdings, followed by Westbridge Realty Group and then Mark Drakotos.
On the tax block, there were two new building construction projects totaling 113,354 square feet. The largest is a 99-unit, 68,682 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 31, 2025 and it has not been permitted yet. The second largest is a 65-unit, 44,672 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 31, 2025 and it has not been permitted yet.

The majority, or 58 percent of the 79,693 square feet of built space are elevator buildings, with retail buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Westbridge Realty Group owned at least eight commercial properties with 47 residential units in New York City with 50,755 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) The portfolio has $16.2 million in debt, borrowed from Argentic Investment Management and IceCap Group. Within the portfolio, the bulk, or 61 percent of the 50,755 square feet of built space are industrial properties, with retail properties next occupying 22 percent of the space. The bulk, or 58 percent of the built space, is in Bronx, with Manhattan next at 36 percent of the space.
The PincusCo database currently indicates that Andrea Gjini owned at least two commercial properties with two residential units in New York City with 11,413 square feet and a city-determined market value of $2.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 11,413 square feet of built space are retail properties, with B2 properties next occupying 28 percent of the space. They are all located in Bronx.

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