Westbridge Realty signs $14.8M construction loan with IceCap for 90-unit project in Belmont

Westbridge Realty Group through the entity Lorillard Commons LLC as borrower signed a new construction loan with lender IceCap Group through the entity Ice Lender Holdings, LLC valued at $9.9 million for the 90-unit development at 2351 Lorillard Place in Belmont, the Bronx.

On these lots, there is one active new building construction project, X01150951, for a 83-unit, 56,386 square-foot residential (R-2) building. The project was submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed December 4, 2024 and it has not been permitted yet.
The deal closed on August 21, 2025 and was recorded on September 19, 2025. The three properties have 8,070 square feet of built space and 41,583 square feet of additional air rights for a total buildable of 49,632 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,226 and the price per buildable square foot is $199 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 was Steven Westreich . The signatory for IceCap Group was Joseph Sasson .

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 $2,730 in OATH penalties in the last year.

The neighborhood

In Belmont/Little Italy, the bulk, or 43 percent of the 14.3 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 the 21st highest sale turnover among other neighborhoods in Bronx with $66.5 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 713,559 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 the tax block of 4574 3rd Avenue, PincusCo has identified the owners of four of the 28 commercial properties representing 30,930 square feet of the 191,085 square feet. The largest owner is Prana Investments, followed by Belmont Arthur Avenue Local Development Corporation and then Aviram Chen.
On the tax block, there were four new building construction projects totaling 70,575 square feet. The largest is a 83-unit, 56,386 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed December 4, 2024 and it has not been permitted yet. The second largest is a seven-unit, 4,915 square-foot residential (R-2) building submitted by Yosef Kfir with plans filed December 3, 2020 and permitted May 9, 2023.

The majority, or 63 percent of the 191,085 square feet of built space are walkup buildings, with industrial buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Westbridge Realty Group owned at least 16 commercial properties with 73 residential units in New York City with 97,946 square feet and a city-determined market value of $15.9 million. (Market value is typically about 50% of actual value.) The portfolio has $65 million in debt, with top three lenders as Cross River Bank, Argentic Investment Management, and IceCap Group respectively. Within the portfolio, the bulk, or 32 percent of the 97,946 square feet of built space are industrial properties, with C0 properties next occupying 17 percent of the space. The bulk, or 78 percent of the built space, is in Bronx, with Manhattan next at 19 percent of the space.

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