Alchemy Properties signs $19.8M refi with New York Community for 8 walkup buildings in Bed Stuy

Alchemy Properties through the entity 319 Malcolm X Owner LLC as borrower signed a refi loan with lender New York Community Bank valued at $19.8 million for eight residential walkup buildings including the 20-unit residential walkup building at 879 Dekalb Avenue in Bed Stuy, Brooklyn, eight-unit residential walkup building at 319 Malcolm X Blvd in Bed Stuy, Brooklyn, and nine-unit residential walkup building at 654 Putnam Avenue in Bed Stuy, Brooklyn.
The deal closed on February 22, 2022 and was recorded on March 2, 2022. The prior lender was Pacific Western Bank which held debt that had an original loan amount of $23.2 million.
The eight properties have 50,025 square feet of built space and 4,375 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $395 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 Alchemy Properties was Samuel Kooris. The signatory for New York Community Bank was Matthew P. Cullen.
Out of the eight properties, four with a total of 50,025 square feet of built space generated revenue of $516,764 per year.

In Bed Stuy, the bulk, or 38 percent of the 92.5 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Bed Stuy has 1.5 times the average sales volume among other neighborhoods with $417.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bed Stuy is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were nine pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 44 percent of the 338,789 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 35 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Alexander Horn, head officer and Sam Kooris, officer. The business entity is 879 Dekalb Owner Llc.
Within a 400-foot radius of 879 Dekalb Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 31, 2020 for the $547,160 renovation of 5,628-square-foot R-2 building with eight residential units at 849 Dekalb Avenue.
One of those eight items was a sale which Nu World Builders LLC bought the 18,000-square-foot, four-unit mixed-use building (S3) on 911 Dekalb Avenue and 13 other properties for $8.2 million from National Equity Fund on January 7, 2022.
Of those eight items, six were loans above $5 million totaling $78.6 million. The most recent of the six was Simon Kaufman which borrowed $15 million from New York Community Bank secured by the 26,507-square-foot, 35-unit rental (D1) on 867 Dekalb Avenue on December 27, 2021.

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