Abraham Grunhut signs $20M refi with Signature Bank for two buildings in Williamsburg

Abraham Grunhut through the entity Metropolitan Grand LLC as borrower signed a refi loan with lender Signature Bank valued at $20 million for two buildings including the 27-unit property at 291 Metropolitan Avenue in Williamsburg, Brooklyn and property at 291 Metropolitan Avenue in Williamsburg, Brooklyn.
The deal closed on January 13, 2022 and was recorded on February 7, 2022. The prior lender was Metropolitan North Funding, LLC which held debt that had an original loan amount of $24 million.
The two properties have 33,918 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $589 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 Abraham Grunhut was Abraham Grunhut. The signatory for Signature Bank was Kenneth Stagnari.

On the tax block, the majority, or 48 percent of the 37,088 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 21 percent of the space.
Within a 400-foot radius of 291 Metropolitan Avenue, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on May 3, 2021 for a 15,354-square-foot R-2 building with 10 residential units at 661 Driggs Avenue.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $495,800 and one initial temporary certificate of occupancy issuance for a project that initially costed $1 million. The most recent of these two items was the permit on June 23, 2021 for a 4,958-square-foot R-2 building with five residential units at 163 Roebling St.
One of those seven items was a sale which Calmwater Capital bought the 104,661-square-foot, 52-unit rental (D2) on 143 Roebling Street for $82.7 million from RedSky Capital on January 14, 2022.
Of those seven items, two were loans above $5 million totaling $10.5 million. The most recent of the two was CB Developers which borrowed $5.4 million from Metropolitan Commercial Bank secured by one condo unit in the 5,732-square-foot, seven-unit mixed-use building (RC) on 247 Metropolitan Avenue on October 13, 2021.

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