Abraham Waldman signs $19.4M refi with Peapack-Gladstone for six properties in Brooklyn

Abraham Waldman through the entity 1020 Park Place Realty LLC as borrower signed a refi loan with lender Peapack-Gladstone Bank valued at $19.4 million for six properties including the nine-unit residential walkup building at 1020 Park Place in Crown Heights, Brooklyn, six-unit mixed-use building at 500 Putnam Avenue in Bed Stuy, Brooklyn, and 10-unit residential walkup building at 615 Gates Avenue in Bed Stuy, Brooklyn.
The deal closed on January 6, 2022 and was recorded on January 20, 2022. The prior lender was Kearny Bank which held debt that had an original loan amount of nan.
The six properties have 40,149 square feet of built space and 1,160 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $481 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 Waldman was Abraham Waldman. The signatory for Peapack-Gladstone Bank was Martin J. Brady.
Out of the six properties, three with a total of 40,149 square feet of built space generated revenue of $345,981 per year.

(320857373)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for one of the buildings with 9 residential units on July 21, 2015.
In Crown Heights, the bulk, or 27 percent of the 66.4 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 27 percent of the space. In sales, Crown Heights has 1.2 times the average sales volume among other neighborhoods with $336.3 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Crown Heights has 1.7 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 47 percent of the 401,647 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 38 percent of the space.
The owner according to the Department of Housing Preservation and Development is Joseph Lichtman, head officer. The business entity is 1020 Park Place Realty Llc.
Within a 400-foot radius of 1020 Park Place, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Israel Weinberger borrowed $6.7 million from New York Community Bank secured by the 60,911-square-foot, 58-unit rental (D1) on 1030 Park Place on May 14, 2021.

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