Anshel Fridman signs $18.6M construction loan for 62-unit project in Flatbush
Anshel Fridman through the entity Rogers Plaza Ny LLC as borrower signed a new construction loan with lender Bank Hapoalim valued at $18.6 million for the industrial building (G7) at 2605 Snyder Avenue in Flatbush, Brooklyn.
On the lot, there is one active new building construction project for a 62-unit, 43,776 square-foot R-2 building. The project was submitted by Anshel Fridman and filed by Anshel Fridman with plans filed September 20, 2021 and permitted March 11, 2022.
The deal closed on November 7, 2023 and was recorded on November 29, 2023. The prior lender was Valley National Bank which held debt that had an original loan amount of $4.9 million.
The owner bought the property on December 23, 2021, for $4.5 million. The signatory for Anshel Fridman was Anshel Fridman. The signatory for Bank Hapoalim was Ilana Druyan and David Kesselman.
The property
The parcel has frontage of 48 feet and is 92 feet deep with a total lot size of 4,486 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $426,000.
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 $4,650 in OATH penalties in the last year.
The neighborhood
In Flatbush, The majority, or 54 percent of the 37.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 22 percent of the space. In sales, Flatbush has near average sales volume among other neighborhoods with $396.4 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Flatbush has 1.5 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the 11 commercial properties representing 66,840 square feet of the 121,779 square feet. The largest owner is Vincent Ragosta, followed by Pearl Realty Management and then Nalcorp.
On the tax block, there were two new building construction projects totaling 68,185 square feet. The largest is a 62-unit, 43,776 square-foot residential (R-2) building submitted by Anshel Fridman and filed by Anshel Fridman with plans filed September 20, 2021 and permitted March 11, 2022. The second largest is a 24,409 square-foot business (B) building submitted by Anshel Fridman with plans filed October 13, 2021 and permitted March 11, 2022.
The majority, or 42 percent of the 121,779 square feet of built space are elevator buildings, with industrial buildings next occupying 38 percent of the space.
The borrower
The PincusCo database currently indicates that Anshel Fridman owned at least 10 commercial properties with 482 residential units in New York City with 448,655 square feet and a city-determined market value of $41.6 million. (Market value is typically about 50% of actual value.) The portfolio has $129.8 million in debt, with top three lenders as Kearny Bank, Arbor Realty Trust, and Starwood Capital Group respectively. Within the portfolio, the bulk, or 44 percent of the 448,655 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Bronx next at 3 percent of the space.
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