Blank Property signs $25.3M rehab construction loan with RCG Longview for 12 properties in Brooklyn

Blank Property Group through the entity 136 Bayard Street LLC as borrower signed a rehab construction loan with lender RCG Longview, now owned by CenterSquare Investment Management, through the entity RCG LV Debt VII Reit, LLC valued at $25.3 million for 12 properties including the seven-unit residential walkup building at 247 Nassau Avenue in Greenpoint, Brooklyn, four-unit 1-4 family building at 316 South 4th Street in Williamsburg, Brooklyn, and three-unit 1-4 family building at 337 South 4th Street in Williamsburg, Brooklyn.
The deal closed on January 24, 2022 and was recorded on February 22, 2022.
The 12 properties have 40,898 square feet of built space and 21,885 square feet of additional air rights for a total buildable of 60,059 square feet according to PincusCo analysis of city data. The loan price per built square foot is $618 and the price per buildable square foot is $420 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 Blank Property Group was Samuel Blank.

RCG Longview was acquired by CenterSquare Investment Management in 2019.
In Greenpoint, the bulk, or 23 percent of the 29.6 million square feet of built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume among other neighborhoods with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 49 percent of the 220,516 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 25 percent of the space.

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