Abraham Maslavi signs $12.4M refi with Chase for industrial in East Williamsburg

Abraham Maslavi through the entity 28 Varick Avenue, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $12.4 million for two industrial buildings including the industrial (E1) at 28 Varick Avenue in East Williamsburg, Brooklyn and industrial (Z9) at 526 Johnson Avenue in East Williamsburg, Brooklyn.
The deal closed on August 20, 2021 and was recorded on August 27, 2021.
The two properties have 99,750 square feet of built space and 152,360 square feet of additional air rights for a total buildable of 252,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $124 and the price per buildable square foot is $49 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 Maslavi was Abraham Maslavi.

Within a 400-foot radius of 526 Johnson Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on March 23, 2020 for the $2.2 million renovation of 142,047-square-foot B building with 25 residential units at 538 Johnson Avenue.
Of those three items, two were loans above $5 million totaling $19.5 million. The most recent of the two was Montebello Food Corp. which borrowed $7.5 million from Maspeth Federal Savings And Loan Association secured by the 36,800-square-foot, one-unit industrial (E1) on 90 Varick Avenue on February 12, 2021.

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