Zev Mayer signs $27M refi for newly built 90-unit rental in Highbridge

Zev Mayer through the entity 1268s LLC as borrower signed a refi loan with lender Valley National Bank valued at $27 million for the 90-unit residential elevator building (D1) at 1258-1268 Shakespeare Avenue in Highbridge, Bronx.

On the lot, there is one active new building construction project for a 90-unit,  residential (R-2) building. The project was submitted by Zev Mayer with plans filed March 14, 2022 and permitted May 26, 2022.

The deal closed on February 9, 2024 and was recorded on February 14, 2024. The prior lender was Vernon Capital Funding which held debt that had an original loan amount of $18 million.

The property has 52,427 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $515 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 Zev Mayer was Zev Mayer. The signatory for Valley National Bank was Terence J. McArdle. Joel Waldman signed for a prior loan.

The property

The residential elevator building with 90 residential units in Highbridge has 52,427 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 104 feet deep with a total lot size of 12,644 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $684,000. The most recent loan totaled $16.1 million and was provided by Vernon Capital Funding on November 16, 2022.

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 $300 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 16 of the 32 commercial properties representing 555,714 square feet of the 835,803 square feet. The largest owner is Sumir P. Sahgal, followed by Stagg Group and then Sopher Group.
On the tax block, there were five new building construction projects totaling 154,593 square feet. The largest is a 121-unit, 80,678 square-foot residential (R-2) building submitted by Stagg Group and filed by Jay Martino with plans filed December 7, 2020 and permitted February 8, 2022. The second largest is a 39-unit, 30,128 square-foot hotel/dormitory/shelter (R-1) building submitted by Anthony Milohnic and filed by Anthony Milohnic with plans filed February 28, 2022 and permitted June 10, 2022.

The majority, or 71 percent of the 835,803 square feet of built space are elevator buildings, with development buildings next occupying 10 percent of the space.

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