Bruman Realty through the entity Wythe Owner LLC as borrower signed a refi loan with lender Deutsche Bank through the entity Deutsche Bank Trust Company Americas valued at $57.5 million for the 55-unit residential elevator building (D6) at 296 Wythe in Williamsburg, Brooklyn.
The deal closed on September 27, 2023 and was recorded on October 10, 2023. The prior lender was Madison Realty Capital which held debt that had an original loan amount of $40.8 million.
The property has 62,353 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $922 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 November 6, 2015, for $26.5 million. The signatory for Bruman Realty was Joseph Brunner. The signatory for Deutsche Bank was John Skorupski and James Angoff.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Joseph Brunner, head officer and Abe Mandel, officer. The business entities are Wythe Owner Llc and Wythe Owner Llc.
The residential elevator building with 55 residential units in Williamsburg has 62,353 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 250 feet and is 85 feet deep with a total lot size of 15,984 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 million. The most recent loan totaled $40.8 million and was provided by Madison Realty Capital on December 13, 2021.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation in the last year.
On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 102,027 square feet. The largest is a new building project for a 45-unit, 51,398 square-foot R-2 building submitted by Bruman Realty and filed by Moshe Braver with plans filed December 1, 2020 and permitted February 16, 2022. The second largest is a new building project for a 55-unit, 50,629 square-foot R-2 building submitted by Bruman Realty and filed by Moshe Braver with plans filed September 11, 2015 and permitted December 14, 2015.
On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 141,629 square feet of the 193,650 square feet. The largest owner is Shlomo Moskovits, followed by Reda Holdings and then Icon Realty Management.
On the tax block, there were two new building construction projects totaling 102,027 square feet. The largest is a 45-unit, 51,398 square-foot residential (R-2) building submitted by Bruman Realty and filed by Moshe Braver with plans filed December 1, 2020 and permitted February 16, 2022. The second largest is a 55-unit, 50,629 square-foot residential (R-2) building submitted by Bruman Realty and filed by Moshe Braver with plans filed September 11, 2015 and permitted December 14, 2015.
The majority, or 60 percent of the 193,650 square feet of built space are elevator buildings, with mixed-use buildings next occupying 22 percent of the space.
The PincusCo database currently indicates that Bruman Realty owned at least 19 commercial properties with 492 residential units in New York City with 381,282 square feet and a city-determined market value of $67.4 million. (Market value is typically about 50% of actual value.) The portfolio has $560.4 million in debt, with top three lenders as Starwood Capital Group, Slate Property Group, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 34 percent of the 381,282 square feet of built space are N3 properties, with elevator properties next occupying 17 percent of the space. The bulk, or 64 percent of the built space, is in Brooklyn, with Queens next at 21 percent of the space.
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