Alexander Levin signs $60.2M refi loan with Bank of Montreal for 94 properties in NYC

Alexander Levin through the entity 2027 LLC as borrower signed a refi loan with lender Bank of Montreal valued at $60.2 million for 94 properties including the mixed-use building at 2101 Emmons Avenue in Sheepshead Bay, Brooklyn, mixed-use building at 2115 Emmons Avenue in Sheepshead Bay, Brooklyn, and mixed-use building at 2127 Emmons Avenue in Sheepshead Bay, Brooklyn.
The deal closed on January 21, 2022 and was recorded on February 4, 2022. The prior lender was Signature Bank which held debt that had an original loan amount of $21.4 million.
The 94 properties have 201,325 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $299 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 Alexander Levin was Tair Yakubov. The signatory for Bank of Montreal was Michael Birajiclian.
Out of the 94 properties, seven with a total of 201,325 square feet of built space generated revenue of $2.4 million per year.

Alexander Levin signed a previous loan for the property. Although it was then owned by an entity of another name, there has been no deed transfer. The building is also known as One Dutch Street. That loan also covered several lots on Emmons Avenue in Brooklyn which are included in this loan as well.
In Sheepshead Bay, the bulk, or 42 percent of the 62.1 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 33 percent of the space. In sales, Sheepshead Bay has 1.4 times the average sales volume among other neighborhoods with $395.1 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 704,512 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 89 percent of the 134,863 square feet of built space are mixed-use buildings, with office buildings next occupying 9 percent of the space.
Within a 400-foot radius of 2101 Emmons Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Alexander Levin borrowed $21.4 million from Signature Bank secured by the 22,886-square-foot, one-unit retail building (K6) on 2127 Emmons Avenue and six other properties on September 15, 2020.

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