Updated Sep 1, 2026
Grun Group Secures $28.8 Million Loan From Northeast Community Bank For Development Site In Bronx
621 East 178th Street
$28,800,000
Building Size
—
Asset Type
Development Site
Closing
Jul 13, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 621 East 178th Street in the Tremont neighborhood of Bronx. The property encompasses a building square footage of 55,497. The loan amount secured for this site is $28,800,000.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $28,800,000
- Address: 621 East 178th Street
- Market: Tremont, Bronx
- Lender: Northeast Community Bank
- Landlord: Yonah Grunhut
- Company: Grun Group
- Loan Secured by: East 178 LLC
- Closing Date: July 13, 2026
- Recording Date: July 21, 2026
The transaction involved key individuals and entities, with the loan being facilitated by Northeast Community Bank. Yonah Grunhut represents the Grun Group in this deal, indicating the active role of the landlord in securing financing through East 178 LLC for the development site.
On the Map
$28,800,000
Development Site
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Players
Bronx Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93