Yechiel Newhouse signs the $18.3M acquisition loan with Investors Bank for rental in Soundview

Yechiel Newhouse through the entity Jr Morrison, LLC as borrower signed an acquisition loan with lender Investors Bank through the entity Investors Bank valued at $18.3 million for the 154-unit rental (D3) at 1240 Morrison Avenue in Soundview, Bronx.
The deal closed on April 21, 2021 and was recorded on April 30, 2021.
The property has 147,727 square feet of built space and 0 square feet of additional air rights for a total buildable of 145,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $123 per the PincusCo analysis.
The signatory for Yechiel Newhouse was Yechiel Newhouse.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

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