Angelo Rigas signs $50M refi with Hirshmark for eight properties in Brooklyn

Angelo Rigas through the entity Cos Management & Realty, Inc. as borrower signed a refi loan with lender Hirshmark Capital through the entity 263 Prospect 2 Funding LLC valued at $50 million for eight properties with 147 residential units including the industrial building (E2) at 4920 3rd Avenue in Sunset Park, Brooklyn, industrial building (E1) at 5102 3rd Avenue in Sunset Park, Brooklyn, and industrial building (E1) at 4802 3rd Avenue in Sunset Park, Brooklyn.
The deal closed on August 22, 2025 and was recorded on September 3, 2025. The prior lender was Hirshmark Capital which held debt that had an original loan amount of $30 million.The eight properties have 305,930 square feet of built space and 31,484 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $163 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 Angelo Rigas was Angelo Rigas.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 4920 3rd Avenue.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $70,000 in ECB penalties and $8,460 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 neighborhood

In Sunset Park, The bulk, or 30 percent of the 35 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 26 percent of the space. In sales, Sunset Park has 1.6 times the average sales volume among other neighborhoods with $440.5 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 864,410 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 4920 3rd Avenue, PincusCo has identified the owners of six of the 19 commercial properties representing 57,553 square feet of the 162,577 square feet. The largest owner is Joint Ownership Entity New York City, followed by AAI and then Angelo Rigas.
On the tax block, there were two new building construction projects totaling 41,487 square feet. The largest is a 63-unit, 37,487 square-foot hotel/dormitory/shelter (R-1) building submitted by Yi Hui Rong with plans filed May 23, 2016 and permitted March 21, 2018. The second largest is a 4,000 square-foot business (B) building submitted by Jack Woo with plans filed May 26, 2017 and it has not been permitted yet.

The majority, or 54 percent of the 162,577 square feet of built space are industrial buildings, with hotel buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Angelo Rigas owned at least 22 commercial properties with 450 residential units in New York City with 139,309 square feet and a city-determined market value of $20.9 million. (Market value is typically about 50% of actual value.) The portfolio has $35.2 million in debt, borrowed from Hirshmark Capital and TD Bank. Within the portfolio, the bulk, or 45 percent of the 139,309 square feet of built space are D1 properties, with industrial properties next occupying 41 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Queens next at 5 percent of the space.

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