AbeCo, Patricia G. Lampl sign $37M refi with Morgan Stanley for mixed-use retail in Williamsburg

AbeCo Organization and Patricia G. Lampl through the entity Reva Propco LLC as borrower signed a refi loan with lender Morgan Stanley valued at $37 million for retail at 10 Graham Street in Williamsburg, Brooklyn.
The deal closed on March 2, 2026 and was recorded on March 12, 2026. The prior lender was Blackstone Group which held debt that had an original loan amount of $30 million.The property has 140,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $264 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 AbeCo Organization and Patricia G. Lampl was Patricia G. Lampl. The signatory for Morgan Stanley was Jane H. Lam .

Prior sales, articles and revenue

The property with a total of 140,000 square feet of built space generated revenue of $5 million per year or $36 per square foot.

The property

The mixed-use building with 14 residential units in Williamsburg has 140,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 87 feet and is 203 feet deep with a total lot size of 38,700 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $21.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,250 in ECB penalties and $14,987 in OATH penalties in the last year.

Development

On these lots, there was one major alteration construction project, B00685549, for a 129,901 square-foot hotel (R-1) building. The project was submitted by Abe Betesh with plans filed March 15, 2022 and permitted December 12, 2022.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the 2nd most active neighborhood among other neighborhoods. It had 42 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space. There were 48 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 10 Avenue Of Puerto Rico, PincusCo has identified the owners of five of the 16 commercial properties representing 34,867 square feet of the 238,949 square feet. The largest owner is Pincus Schwimmer, followed by Ps Funding and then Simon Mittelman.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 238,949 square feet of built space are mixed-use buildings, with walkup buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that AbeCo Organization owned at least 16 commercial properties with 242 residential units in New York City with 125,158 square feet and a city-determined market value of $23.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 43 percent of the 125,158 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link