Yisroel Felberbaum signs $21.8M construction loan for 66-unit project in East Morrisania
Yisroel Felberbaum through the entity 1759-63 W. Farms Rd LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $21.8 million for the industrial building (E9) at 1759-1763 West Farms Road in East Morrisania, Bronx.
On the lot, there is one active new building construction project for a 66-unit, 38,645 square-foot R-2 building. The project was submitted by Manny Felberbaum with plans filed April 5, 2022 and permitted May 25, 2022.
The deal closed on November 29, 2023 and was recorded on December 7, 2023. The property has 12,160 square feet of built space and 50,520 square feet of additional air rights for a total buildable of 62,680 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $347 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 January 9, 2017, for $3.6 million. The signatory for Yisroel Felberbaum was Yisroel Felberbaum.
The property
The parcel has frontage of 86 feet and is 169 feet deep with a total lot size of 12,536 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $841,000.
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 $1,250 in ECB penalties and $6,050 in OATH penalties in the last year.
The neighborhood
In East Morrisania, The bulk, or 43 percent of the 12 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, East Morrisania has had very little sales volume relative to other neighborhoods with $117.2 million in sales volume in the last two years. For development, East Morrisania has had very little major development activity relative to other neighborhoods.It had 819,626 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the 21 commercial properties representing 65,324 square feet of the 258,691 square feet. The largest owner is Spaxel, followed by SKF Development and then Extra Space Properties 143 Llc.
On the tax block, there were six new building construction projects totaling 220,555 square feet. The largest is a 77-unit, 50,225 square-foot residential (R-2) building submitted by SKF Development and filed by Kim Tasher with plans filed June 26, 2019 and permitted December 22, 2021. The second largest is a 70-unit, 47,448 square-foot residential (R-2) building submitted by Spaxel and filed by Gzim Hasandjekic with plans filed June 27, 2019 and permitted May 5, 2022.
The majority, or 70 percent of the 258,691 square feet of built space are industrial buildings, with elevator buildings next occupying 16 percent of the space.
The borrower
The PincusCo database currently indicates that Yisroel Felberbaum owned at least one commercial property in New York City with 20,732 square feet and a city-determined market value of $808,000. (Market value is typically about 50% of actual value.) The portfolio has $5.6 million in debt, borrowed from TD Bank. The portfolio consists of at least a single industrial property. It is located in Bronx.
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