Bluejay Management signs $39M refi loan with Cross River Bank for rental in Flatbush

Bluejay Management through the entity 50 Clarkson Partners LLC as borrower signed a refi loan with lender Cross River Bank valued at $39 million for the 93-unit rental (D3) at 50 Clarkson Avenue in Flatbush, Brooklyn.
The deal closed on August 19, 2021 and was recorded on August 27, 2021.
The property has 93,789 square feet of built space and 0 square feet of additional air rights for a total buildable of 65,600 square feet according to PincusCo analysis of city data. The loan price per built square foot is $415 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 owner bought the property on 13-Jul-17, for $13.6 million.
The signatory for Bluejay Management was Marc Jacobowitz.
(320593657) Plans for a 93-unit, 64,126 square-foot R-2 were filed on December 27, 2013 and were permitted on April 5, 2019.
The financing paid off a construction loan from 2018 with an original principal of $24.2 million from PNC Bank. Marc Jacobowitz is a co-founder of Bluejay.

Within a 400-foot radius of 50 Clarkson Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $32.4 million. The most recent of the three was Leon Goldenberg which borrowed $9.1 million from Santander Bank, N.A. secured by the 84,000-square-foot, 60-unit rental (D1) on 65 Lenox Road on May 20, 2020.

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