Bruman Realty signs $84M refi for 143-unit rental in Park Slope
Bruman Realty through the entity Dean Holdings De LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Select Company II LLC valued at $84 million for the 143-unit residential elevator building (D6) at 35 4th Avenue in Park Slope, Brooklyn.
The deal closed on October 9, 2024 and was recorded on October 16, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $68.5 million.The property has 157,550 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $533 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 May 28, 2014, for $25 million. The signatory for Bruman Realty was Joseph Brunner. The signatory for Greystone & Co. was Tricia Baker.
The property
The residential elevator building with 143 residential units in Park Slope has 157,550 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 180 feet deep with a total lot size of 18,000 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.7 million. The most recent loan totaled $10.5 million and was provided by Valley National Bank on November 30, 2022.
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 $1,000 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on October 2, 2024. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 81,707 square feet of the 149,120 square feet. The largest owner is Michael Pintchik, followed by Louis Malone and then Avdoo & Partners Development.
On the tax block, there were three new building construction projects totaling 58,279 square feet. The largest is a five-unit, 20,219 square-foot residential (R-2) building submitted by Avdoo & Partners Development and filed by Shlomi Avdoo with plans filed September 18, 2024 and it has not been permitted yet. The second largest is a five-unit, 20,219 square-foot residential (R-2) building submitted by Avdoo & Partners Development and filed by Shlomi Avdoo with plans filed September 18, 2024 and it has not been permitted yet.
The majority, or 28 percent of the 149,120 square feet of built space are retail buildings, with elevator buildings next occupying 24 percent of the space.
The borrower
The PincusCo database currently indicates that Bruman Realty owned at least 18 commercial properties with 971 residential units in New York City with 336,619 square feet and a city-determined market value of $66.2 million. (Market value is typically about 50% of actual value.) The portfolio has $748.4 million in debt, with top three lenders as Starwood Capital Group, Greystone & Co., and Slate Property Group respectively. Within the portfolio, the bulk, or 38 percent of the 336,619 square feet of built space are N3 properties, with elevator properties next occupying 20 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Queens next at 24 percent of the space.
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