Albert Srour signs $21M refi loan with Signature Bank for office building in Downtown Brooklyn

Albert Srour through the entity 81 Willoughby LLC as borrower signed a refi loan with lender Signature Bank valued at $21 million for the office building (O6) at 81 Willoughby Street in Downtown Brooklyn, Brooklyn.
The deal closed on August 17, 2021 and was recorded on September 10, 2021.
The property has 73,860 square feet of built space and 33,647 square feet of additional air rights for a total buildable of 107,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $284 and the price per buildable square foot is $195 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 Albert Srour was Albert Srour.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $66,002.

Within a 400-foot radius of 81 Willoughby Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit application filed on June 25, 2020 for a 176,121-square-foot R-2 building with 227 residential units at 111 Willoughby Street.
Of those seven items, three were sales above $5 million totaling $35.6 million. The most recent of the three was United American Land which bought the 60,500-square-foot, one-unit industrial (W2) on 80 Willoughby Street for $23.2 million from Sisters of St. Joseph on March 5, 2021.
Of those seven items, three were loans above $5 million totaling $54.2 million. The most recent of the three was United American Land which borrowed $25.2 million from Sterling National Bank secured by the 60,500-square-foot, one-unit industrial (W2) on 80 Willoughby Street and one other property on March 5, 2021.

Direct link to Acris document. link