Bronstein Properties signs $36.6M refi with New York Community for 329 units in Queens, Brooklyn

Bronstein Properties signed $36.6 million in refinance loans with New York Community Bank for four elevator buildings with a total of 329 units in Queens and Brooklyn in four separate transactions.

In the largest, Bronstein Properties through the entity SJS Associates LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $13.4 million for the 120-unit residential elevator building (D1) at 140-02 Franklin Avenue in Flushing, Queens.
The deal closed on October 6, 2022 and was recorded on October 14, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $14 million.The property has 119,185 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $112 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 Bronstein Properties was Barry Rudofsky. The signatory for New York Community Bank was Alan L. Kaufman.

In the second, Bronstein Properties through the entity Highlawn Associates LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $10.7 million for the 98-unit residential elevator building (D1) at 1780 West 3rd Street in Gravesend, Brooklyn. The deal closed on October 6, 2022 and was recorded on October 14, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $11.2 million.The property has 81,888 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $131 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.)

In the third, Bronstein Properties through the entity Imperial 82 LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $7.2 million for the 64-unit residential elevator building (D1) at 135-16 82nd Avenue in Briarwood, Queens. The deal closed on October 6, 2022 and was recorded on October 14, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $7.5 million.The property has 46,950 square feet of built space and 3,258 square feet of additional air rights for a total buildable of 50,132 square feet according to PincusCo analysis of city data. The loan price per built square foot is $153 and the price per buildable square foot is $143 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.)

In the fourth, Bronstein Properties through the entity Windsor 25 LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $5.3 million for the 47-unit residential elevator building (D1) at 85-25 120th Street in Kew Gardens, Queens. The deal closed on October 6, 2022 and was recorded on October 14, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $5.5 million.The property has 37,848 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $139 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 Bronstein Properties was Barry Rudofsky. The signatory for New York Community Bank was Alan L. Kaufman.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Barry Rudofsky, head officer and Scott Silverman, officer. The business entities are Bronstein Properties, Llc and Sjs Associates Llc. The 119,185-square-foot property generated revenue of $2.5 million or $21 per square foot, according to the most recent income and expense figures.

The property

The 140-02 Franklin Avenue parcel has frontage of 150 feet and is 217 feet deep with a total lot size of 31,500 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $10.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received seven housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 16 of the 25 commercial properties representing 389,019 square feet of the 507,824 square feet. The largest owner is Bronstein Properties, followed by Pistilli Realty Group and then Paul Tehao.
On the tax block, there was one new building construction project filed totaling 9,188 square feet. It is a 10-unit, 9,188-square-foot R-2 building developed by Meiyun Chen with plans filed September 17, 2019 and permitted January 20, 2021.

The majority, or 92 percent of the 492,459 square feet of built space are elevator buildings, with walkup buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that Bronstein Properties owned at least 96 commercial properties in New York City with 4,449,850 square feet and a city-determined market value of $421.2 million. (Market value is typically about 50% of actual value.) The portfolio has $393.9 million in debt, with top three lenders as New York Community Bank, Signature Bank, and Capital One respectively. Within the portfolio, the bulk, or 64 percent of the 4,449,850 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. The bulk, or 45 percent of the built space, is in Queens, with Manhattan next at 28 percent of the space.

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