Anastasios, Christopher Vasilakos sign $7M refi for 66-unit rental in Bath Beach

Anastasios Vasilakos and Christopher Vasilakos through the entity Alexander Harding, LLC as borrower signed a refi loan with lender Flushing Bank valued at $7 million for the 66-unit residential elevator building (D1) at 8714 21st Avenue in Bath Beach, Brooklyn.
The deal closed on May 4, 2023 and was recorded on June 5, 2023. The prior lender was Santander Bank which held debt that had an original loan amount of $6.5 million.
The property has 57,876 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $120 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 Anastasios Vasilakos and Christopher Vasilakos was Anastasios Vasilakos and Christopher Vasilakos. The signatory for Flushing Bank was Jothy Narendran.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Christopher Vasilakos, head officer and Panagiota Vasilakos, shareholder. The business entity is Nicholas Van Buren, Llc. The 57,876-square-foot property generated revenue of $779,068 or $13 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 66 residential units in Bath Beach has 57,876 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 170 feet and is 96 feet deep with a total lot size of 16,434 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $3,125 in ECB penalties, 24 housing violations, and $4,175 in OATH penalties in the last year.

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 block

There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 92,617 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The borrower

The PincusCo database currently indicates that Anastasios Vasilakos owned at least three commercial properties with 60 residential units in New York City with 72,000 square feet and a city-determined market value of $8.4 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from Santander Bank and Investors Bank. Within the portfolio, the bulk, or 65 percent of the 72,000 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Christopher Vasilakos owned at least one commercial property with two residential units in New York City with 4,234 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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