Aron Kapelyus signs $12.2M refi for four rentals in Bedford Stuyvesant

Aron Kapelyus through the entity Pulaski Development LLC as borrower signed a refi loan with lender Amalgamated Bank valued at $12.2 million for four properties with 58 residential units including the 30-unit residential elevator building (D9) at 470 Pulaski Street, the 12-unit residential elevator building (D1) at 476 Pulaski Street, the eight-unit residential walkup building (C1) at 468 Pulaski Street and the rental building 466 Pulaski Street, in Bedford Stuyvesant, Brooklyn.
The deal closed on September 12, 2024 and was recorded on September 19, 2024. The prior lender was Capital One which held debt that had an original loan amount of $14.3 million. The four properties have 60,965 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $200 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 Aron Kapelyus was Aron Kapelyus.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Aron Kapelyus, head officer. The business entity is Pulaski Development Llc.

The property

The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.5 million.

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 $1,750 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

On the tax block of 470 Pulaski Street, PincusCo has identified the owners of 15 of the 26 commercial properties representing 126,096 square feet of the 168,295 square feet. The largest owner is Aron Kapelyus, followed by Sam Kirschenbaum and then Victor Perez.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 168,295 square feet of built space are walkup buildings, with elevator buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Aron Kapelyus owned at least 16 commercial properties with 411 residential units in New York City with 399,884 square feet and a city-determined market value of $59.5 million. (Market value is typically about 50% of actual value.) The portfolio has $26.3 million in debt, borrowed from Santander Bank and Amalgamated Bank. Within the portfolio, the bulk, or 80 percent of the 399,884 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. They are all located in Brooklyn.

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