Apex signs $17.5M construction loan with Fundamental Partners in Greenpoint

Apex Investments through the entity 83-97 Apollo Leasehold LLC as borrower signed a new construction loan with lender Fundamental Partners IV valued at $17.5 million for the development at 83 Apollo Street in Greenpoint, Brooklyn.
The deal closed on May 24, 2021 and was recorded on June 16, 2021.
The property has 23,000 square feet of built space and 24,462 square feet of additional air rights for a total buildable of 47,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $760 and the price per buildable square foot is $368 per the PincusCo analysis.
The owner bought the property on 24-Dec-20, for $10.6 million.
The signatories for Apex Investments was Laurence Gottlieb and Kasra Sanandaji.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $30,000.

There has been one new building permit application Those plans include a total of 97 residential units.

There has been one demolition project filed for the parcels over the past five years.
Kasra Sanandaji is the managing director of Apex Investments.
Within a 400-foot radius of 83 Apollo Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Yong Hong Xu bought the 21,560-square-foot, one-unit industrial (E1) on 78 Hausman Street for $8.5 million from Russell Gerlach on January 21, 2021.
One of those two items was a loan which Yong Hong Xu borrowed $5 million from Russell Gerlach secured by the 21,560-square-foot, one-unit industrial (E1) on 78 Hausman Street on January 21, 2021.

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