Agudas Shaarei Menachem signs $8.2M refi with Grasshopper Bank in Borough Park
Agudas Shaarei Menachem through the entity Agudas Shaarei Menachem, Inc. as borrower signed a refi loan with lender Grasshopper Bank through the entity Grasshopper Bank, N.A. valued at $8.2 million for the specialty building (P5) at 1561 50th Street in Borough Park, Brooklyn.
The deal closed on March 27, 2025 and was recorded on April 21, 2025. The prior lender was Octago Funding which held debt that had an original loan amount of $2 million.
The property has 19,766 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $417 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 Agudas Shaarei Menachem was Shie Pfeiffer. The signatory for Grasshopper Bank was Arthur M. Birenbaum.
The property
The specialty building in Borough Park has 19,766 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,010 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.5 million.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2.7 times the average sales volume among other neighborhoods with $729 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 18th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the 16 commercial properties representing 6,268 square feet of the 67,590 square feet. The two identified owners are Parkview Management and Joseph Schwartz/Rochel Schwartz.
There are no active new building construction projects on this tax block.
The majority, or 50 percent of the 67,590 square feet of built space are mixed-use buildings, with office buildings next occupying 34 percent of the space.
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