Bruman Realty signs $40.5M refi with Arbor for rental in Greenpoint

Joseph Brunner’s Bruman Realty through the entity Manhattan Eagle LLC as borrower signed a refi loan with lender Arbor Realty through the entity Arbor Realty Sr, Inc. valued at $40.5 million for the 90-unit rental (D7) at 1056 Manhattan Avenue in Greenpoint, Brooklyn.
The deal closed on May 27, 2021 and was recorded on June 15, 2021.
The property has 83,968 square feet of built space and 0 square feet of additional air rights for a total buildable of 70,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $482 per the PincusCo analysis.
The owner bought the property on 25-Sep-15, for $18 million.
The signatory for Bruman Realty was Joseph Brunner.
(321211960)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 90 residential units on September 3, 2020.

The owners according to the Department of Housing Preservation and Development includes Joseph Brunner, head officer and Ari Worch, agent. The business entities are Manhattan Eagle Llc and Manhattan Eagle Llc.
Within a 400-foot radius of 1056 Manhattan Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on September 24, 2020 for a 44,637-square-foot R-2 building with 67 residential units residential units at 1036 Manhattan Avenue.
Of those three items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $995,690. The most recent of these two items was the permit on January 14, 2021 for a 6,933-square-foot R-2 building with six residential units at 119 Eagle Street.

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