Zev Mayer signs $9.9M construction loan with Broadview Capital for 18 units in Williamsbridge

Zev Mayer through the entity 711 E LLC as borrower signed a new construction loan with lender Broadview Capital valued at $9.9 million for the 18-unit project at 711 East 214th Street in Williamsbridge, Bronx.

On the lot, there is one active major alteration construction project for an 18-unit, 12,192 square-foot residential (R-2) building. The project, job number X00694310, was submitted by Everett Mitchell with plans filed March 9, 2022 and permitted September 22, 2023.

The deal closed on February 5, 2024 and was recorded on March 14, 2024. The prior lender was Tideway Capital Group which held debt that had an original loan amount of $2.1 million.
The property has 3,360 square feet of built space and 9,122 square feet of additional air rights for a total buildable of 12,496 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $794 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 May 18, 2023, for $1.2 million. The signatory for Zev Mayer was Zev Mayer. The signatory for Broadview Capital was Lawrence Andelsman.

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 $18,750 in ECB penalties and $19,350 in OATH penalties in the last year.

The neighborhood

In Williamsbridge, The bulk, or 40 percent of the 6.9 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Williamsbridge has the 26th highest sale turnover among other neighborhoods in Bronx with $50.2 million in sales volume in the last two years. For development, Williamsbridge has had very little major development activity relative to other neighborhoods.It had 267,016 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 31 commercial properties representing 119,672 square feet of the 191,612 square feet. The largest owner is Stagg Group, followed by Moses Rabinovits and then Gary J. Owens.
On the tax block, there were three new building construction projects totaling 39,361 square feet. The largest is a 33-unit, 22,413 square-foot residential (R-2) building submitted by Aleksander Lakaj with plans filed April 2, 2019 and permitted April 5, 2021. The second largest is a 16-unit, 9,813 square-foot residential (R-2) building submitted by L Leguci with plans filed June 27, 2019 and permitted July 25, 2023.

The majority, or 49 percent of the 191,612 square feet of built space are walkup buildings, with elevator buildings next occupying 27 percent of the space.

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