Bawabeh Realty signs $44M refi with Signature Bank for 14 properties in Brooklyn

Bawabeh Realty Holdings through the entity Bermuda Realty No. 2 LLC as borrower signed a refi loan with lender Signature Bank through the entity Signature Bank valued at $44 million for 14 properties including the industrial (W8) at 1181 East New York Avenue in Crown Heights, Brooklyn, retail building (K6) at 1720 Atlantic Avenue in Crown Heights, Brooklyn, and retail building (K1) at 455 Sutter Avenue in Brownsville, Brooklyn.
The deal closed on November 19, 2021 and was recorded on November 30, 2021.
The 14 properties have 126,364 square feet of built space and 174,128 square feet of additional air rights for a total buildable of 300,121 square feet according to PincusCo analysis of city data. The loan price per built square foot is $348 and the price per buildable square foot is $146 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 Realty Holdings was David Bawabeh.
(320746127)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 8, 2013.
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