FBE lines up $63M loan from Signature Bank for Bronx buy

Firm bought the buildings for $88M

TRD New York /
Apr.April 15, 2019 05:48 PM

2001-2045 Story Avenue in the Bronx

The New York-based bank provided $63 million to FBE for its purchase of 2001-2045 Story Avenue in the Castle Hill neighborhood, property records filed Monday show. The financing includes a $20.1 million gap mortgage.

Signature Bank and FBE declined to comment.

FBE, headed by Abraham Fructhandler, bought the nine-story two buildings, which sit on one tax lot, for about $88 million from Related Fund Management — the largest single-asset sale in the borough in six years. Hodges Ward Elliott’s Daniel Parker, Paul Gillen and Ariel Tambor brokered the deal.

Related Fund Management bought the properties, which had been part of the Mitchell-Lama Housing Program, in 2015 for $66 million from Stellar Management. The buildings have 355 apartments combined and date to the 1970s.

FBE, which owns around 4,000 apartments around New York, also holds 2103-2117 Honeywell Avenue, a 196-unit complex near the Bronx Zoo. The firm scooped up the property for $44.4 million in 2017.

Update: This article has been updated to include Signature Bank’s response.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

Alex Rodriguez

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Alex Rodriguez

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

arrow_forward_ios