Avery Hall Investments through the entity Carroll Street Borrower, LLC as borrower signed a new construction loan with lender TD Bank valued at $72.5 million for three industrial properties including the industrial building (G2) at 544 Carroll Street with an alternate address of 272 4th Avenue in Gowanus, Brooklyn.
On these lots, there is one active new building construction project for a 128-unit, 104,140 square-foot R-2 building. The project was submitted by Avery Hall and filed by Alexander Cutrona with plans filed December 14, 2021 and permitted June 10, 2022.
The deal closed on September 14, 2023 and was recorded on October 11, 2023.
The signatory for Avery Hall Investments was Avishy Fisher. The signatory for TD Bank was Gianna Gioia.
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 $10,150 in OATH penalties in the last year.
For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years.
In Gowanus, The bulk, or 46 percent of the 9.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 2 times the average sales volume among other neighborhoods with $708.6 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Gowanus is the 7th most active neighborhood among other neighborhoods. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 50 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.
On the tax block of 272 4th Avenue, PincusCo has identified the owners of five of the 10 commercial properties representing 22,628 square feet of the 56,997 square feet. The largest owner is Joseph Vogel, followed by Hosea Deitsch and then CW Realty Group.
On the tax block, there were four new building construction projects totaling 187,196 square feet. The largest is a 128-unit, 104,140 square-foot residential (R-2) building submitted by Avery Hall and filed by Alexander Cutrona with plans filed December 14, 2021 and permitted June 10, 2022. The second largest is a 66-unit, 49,165 square-foot residential (R-2) building submitted by Joseph Vogel with plans filed November 15, 2021 and permitted May 26, 2022.
The majority, or 95 percent of the 56,997 square feet of built space are industrial buildings, with walkup buildings next occupying 5 percent of the space.
The PincusCo database currently indicates that Avery Hall Investments owned at least 11 commercial properties with 122 residential units in New York City with 243,385 square feet and a city-determined market value of $61.3 million. (Market value is typically about 50% of actual value.) The portfolio has $255.8 million in debt, borrowed from QuadReal Property Group and Square Mile Capital Management. Within the portfolio, the bulk, or 98 percent of the 243,385 square feet of built space are elevator properties, with industrial properties next occupying 2 percent of the space. They are all located in Brooklyn.
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