Westhab pays $4.8M for dev site in North Riverdale, gets $36M construction loan
Affordable housing developer Westhab through the entity 6661 Broadway Borrower Housing Development Fund paid $4.8 million to the entity 205 West 262nd St. LLC, affiliated with Uri Koenig and Joshua West, for a development site including the retail building (K1) at 6661 Broadway in North Riverdale, Bronx.
On these lots, there is one active new building construction project for a 28-unit, 32,136 square-foot building. The project was submitted by Court Square Real Estate Partners and filed by David Sjauw with plans filed October 21, 2022 and it has not been permitted yet.
The sale closed on November 17, 2023 and was recorded on December 7, 2023.
The signatory for Uri Koenig and Joshua West was Joshua West. The signatory for Westhab was Richard Nightingale. The contract date was November 17, 2023. Uri Koenig was a signatory to the prior land records for the seller entity.
As for the financing, Westhab through the entity 6661 Broadway Borrower Housing Development Fund as borrower signed a new construction loan with lender 6661 Broadway Contract-Backed Pass-Through Trust with trustee UMB Bank valued at $36.1 million for the development site.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Westhab purchased three properties in three transactions for a total of $38 million and has no record it sold any properties over the past 24 months.
The seller Uri Koenig purchased one property in one transaction for a total of $15.7 million and had not sold any properties over the same time period. Out of the four properties, one with a total of 4,750 square feet of built space generated revenue of $156,133 per year.
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 two DOB violations and $250 in OATH penalties in the last year.
The block
On the tax block, there were two new building construction projects totaling 34,569 square feet. The largest is a 28-unit, 32,136 square-foot hotel/dormitory/shelter (R-1) building submitted by Court Square Real Estate Partners and filed by David Sjauw with plans filed October 21, 2022 and it has not been permitted yet. The second largest is a 2,433 square-foot business (B) building submitted by Moshe Zlicha with plans filed February 7, 2020 and it has not been permitted yet.
The majority, or 100 percent of the 11,071 square feet of built space are retail buildings, with development buildings next occupying 0 percent of the space.
The seller
The PincusCo database currently indicates that Uri Koenig owned at least one commercial property with 95 residential units in New York City with 89,772 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Dime Community Bank. The portfolio consists of at least a single elevator property. It is located in Brooklyn.
The buyer
The PincusCo database currently indicates that Westhab owned at least three commercial properties with 33 residential units in New York City with 46,440 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) The portfolio has $175 million in debt, borrowed from UMB Bank. Within the portfolio, the bulk, or 69 percent of the 46,440 square feet of built space are N9 properties, with M1 properties next occupying 31 percent of the space. The bulk, or 69 percent of the built space, is in Queens, with Brooklyn next at 31 percent of the space.
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