OakNorth lends $7.1M on a $7M Bronx Broadway deal

OakNorth Bank PLC recorded a $7,100,000 mortgage on 5536-5548 Broadway in the Bronx, $100,000 more than the $7,000,000 the buyer paid for the same lot.

Both documents were signed September 28 and recorded October 2. M.J. Martin & Son Inc. sold to 5536-5548 Broadway Realty LLC, per the City Register.

Why it matters

A recorded mortgage above the deed price means the lender’s stated amount covers the whole purchase and then some. The record does not say how much was drawn at closing, so the extra $100,000 could be a funding ceiling for costs or reserves, not cash out. What it shows is a London-based lender writing a full-price loan on an outer-borough retail building. For brokers, that is a live comparable for what non-bank lenders will fund on Bronx commercial property.

The numbers

The tax lot holds a 9,500 sq ft, one-story retail building built in 1955 on a 10,000 sq ft site, zoned C4-4, according to city planning data. The price works out to about $737 per sq ft of building and $700 per sq ft of land. The same data lists a built floor-area ratio of 0.95 against a maximum residential ratio of 3.44, so the zoning allows far more floor area than stands there. Whether the buyer intends to use it is not in any filing.

The buyer is a single-purpose LLC, and the recorded documents do not name its principals. We could not unmask it from the record. DOB NOW shows two job filings on the lot, both from 2018, one listing M.J. Martin & Son as owner for a $3,950 sign job. Nothing has been filed since the sale.

What’s next

Watch DOB NOW for a new-building or alteration filing on the lot, and the City Register for a change-of-ownership or satisfaction record. A filing would show whether this is a hold or a redevelopment. For other Bronx lender activity, see our New York coverage and Santander’s $38.7M loan at 1093 Jerome Avenue.