Bawabeh Brothers signs $56M refi loan with Signature Bank for 26 properties in Brooklyn

Bawabeh Brothers through the entity Bawabeh Brothers No. 2 LLC as borrower signed a refi loan with lender Signature Bank valued at $56 million for 26 properties including the mixed-use building (K2) at 1218 Fulton Street in Bed Stuy, Brooklyn, 12-unit rental (C7) at 1192 Fulton Street in Bed Stuy, Brooklyn, and retail building (K1) at 426 Utica Avenue in Crown Heights, Brooklyn.
The deal closed on November 19, 2021 and was recorded on December 13, 2021.
The 26 properties have 167,429 square feet of built space and 256,837 square feet of additional air rights for a total buildable of 424,210 square feet according to PincusCo analysis of city data. The loan price per built square foot is $334 and the price per buildable square foot is $132 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 Bawabeh Brothers was Aslan Bawabeh.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $56,250.
An eight-story co-living space is planned for this property. According to Brownstoner, four of the eight stories were built as of September 2020. The top six floors, which include the residences have been leased by Quarters, a German co-living company. https://webcache.googleusercontent.com/search?q=cache%3ACfsMIoSs1vUJ%3Ahttps%3A%2F%2Fwww.brownstoner.com%2Fdevelopment%2Fbrooklyn-development-1190-fulton-street-bed-stuy-bawabeh-brothers-co-living%2F+&cd=2&hl=en&ct=clnk&gl=us
The owners according to the Department of Housing Preservation and Development includes Ezra Mizrachi, head officer and Lester Otway, site manager. The business entity is Bawabeh Brothers No. 2 Llc.
Within a 400-foot radius of 1192 Fulton Street, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, three were in new building development. There were two new building permit applications and one new building permit. The most recent of these three items was a filing on August 18, 2021 for a 19,226-square-foot R-2 building with 23 residential units at 1241 Bedford Avenue.
Of those eight items, three were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $880,231.0 and two initial temporary certificate of occupancy issuances for projects that initially costed $1.2 million. The most recent of these three items was the temporary certificate of occupancy on December 17, 2020 for a 8,212-square-foot R-2 building with 12 residential units at 1255 Bedford Avenue.
Of those eight items, two were loans above $5 million totaling $34.3 million. The most recent of the two was Armin Baratian which borrowed $19.5 million from Investors Bank secured by the N/A-square-foot development site (V1) on 1263 Bedford Avenue and one other property on August 24, 2020.

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