Berel Farkas signs $17.5M refi with Urban Standard at 37-unit building in East Flatbush

Berel Farkas through the entity New York Avenue Lofts LLC as borrower signed a refi loan with lender Urban Standard Capital valued at $17.5 million for the 37-unit rental at 664 New York Avenue in East Flatbush, Brooklyn. Berel Farkas also uses the name Barry Farkas, and is affiliated with companies such as SilverWolf Group and Lightstone Management (which is not related to David Lichtenstein’s Lightstone Group).
The deal closed on November 21, 2024 and was recorded on December 13, 2024. The prior lender was Lument which held debt that had an original loan amount of $17.5 million.The property, divided into three commercial tax lots, has 46,858 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $373 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 Berel Farkas was Berel Farkas. The signatory for Urban Standard Capital was Seth Weissman.
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The property

The rental condo with 37 residential units in East Flatbush has 46,858 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 41,329 square feet. The property has a 421A exemption that started in 2020 and expires in 2035. The city-designated market value for the property in 2022 is $5.1 million. The most recent loan totaled $17.5 million and was provided by ORIX Real Estate, now known as Lument on May 26, 2022.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. 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 664 New York Avenue, PincusCo has identified the owners of two of the 14 commercial properties representing 7,411 square feet of the 48,113 square feet. The two identified owners are Anite Jospeh and Atkins & Breskin.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 48,113 square feet of built space are mixed-use buildings, with walkup buildings next occupying 31 percent of the space.

The borrower

The PincusCo database currently indicates that Berel Farkas owned at least one commercial property with 16 residential units in New York City with 12,440 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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