Westbridge Realty Group signs $28M construction loan for apartment building in Mt Hope

Westbridge Realty Group through the entity Weeks Residence LLC as borrower signed a new construction loan with lender Cross River Bank through the entity Cross River Bank valued at $28 million for the development project at 1801 Weeks Avenue in Mt Hope, Bronx.

On the lot, there is one active new building construction project, X01143746, for a 99-unit, 64,398 square-foot R-2 building. The project was submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed November 19, 2024 and permitted May 27, 2025.
The deal closed on September 4, 2025 and was recorded on September 18, 2025. The prior lender was IceCap Group which held debt that had an original loan amount of $6 million.The property has 14,100 square feet of built space and 27,450 square feet of additional air rights for a total buildable of 41,519 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,985 and the price per buildable square foot is $674 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 owner bought the property on September 6, 2024, for $2.9 million. The signatory for Westbridge Realty Group was Alexandra Rossland. The signatory for Cross River Bank was Allan J. Weiss.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $40,000 in ECB penalties and $41,100 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 11 of the 19 commercial properties representing 562,331 square feet of the 717,566 square feet. The largest owner is Asden Properties, followed by Promesa Foundation and then Finkelstein, Timberger, East Real Estate.
On the tax block, there was one new building construction project filed totaling 64,398 square feet. It is a 99-unit, 64,398 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed November 19, 2024 and permitted January 6, 2025.

The majority, or 90 percent of the 717,566 square feet of built space are elevator buildings, with walkup buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Westbridge Realty Group owned at least 11 commercial properties with 51 residential units in New York City with 69,986 square feet and a city-determined market value of $10.9 million. (Market value is typically about 50% of actual value.) The portfolio has $27.5 million in debt, borrowed from Argentic Investment Management and IceCap Group. Within the portfolio, the bulk, or 44 percent of the 69,986 square feet of built space are industrial properties, with specialty properties next occupying 19 percent of the space. The bulk, or 70 percent of the built space, is in Bronx, with Manhattan next at 26 percent of the space.

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