Aaron Berger signs $9.8M refi loan with Peapack-Gladstone for rental in Williamsburg

Aaron Berger through the entity Five Seventy Three Properties Management LLC as borrower signed a refi loan with lender Peapack-Gladstone Bank valued at $9.8 million for the 29-unit rental (D7) at 573 Metropolitan Avenue in Williamsburg, Brooklyn.
The deal closed on December 3, 2021 and was recorded on December 20, 2021.
The property has 24,621 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $400 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 Aaron Berger was Aaron Berger.
(320206914)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 29 residential units on November 10, 2014.
The owners according to the Department of Housing Preservation and Development includes Aaron Berger, head officer and Sandy Brauner, site manager. The business entity is Five Seventy Three Properties Management Llc.

Within a 400-foot radius of 573 Metropolitan Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 29, 2020 for the $1.3 million renovation of 8,704-square-foot R-2 building with eight residential units at 42 Devoe Street.
One of those four items was a sale which Nuchem Obstfeld bought the 18,500-square-foot, 26-unit rental (C7) on 595 Metropolitan Avenue for $8.2 million from James Tenaglia on January 4, 2021.
Of those four items, two were loans above $5 million totaling $13.3 million. The most recent of the two was Arch Companies which borrowed $7.2 million from First Republic Bank secured by the 11,768-square-foot, 10-unit rental (C7) on 550 Metropolitan Avenue on October 22, 2021.

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