Bushburg Properties signs $13.2M refi with Cross River for 320-unit dev site in East New York

Bushburg Properties through the entity Empire State Dairy LLC as borrower signed a refi loan with lender Cross River Bank through the entity Cross River Bank valued at $13.2 million for the industrial building at 2840 Atlantic Avenue in East New York, Brooklyn.
The deal closed on January 28, 2022 and was recorded on February 10, 2022. The prior lender was Cross River Bank which held debt that had an original loan amount of $13.2 million.
The property has 36,000 square feet of built space and 226,969 square feet of additional air rights for a total buildable of 262,760 square feet according to PincusCo analysis of city data. The loan price per built square foot is $366 and the price per buildable square foot is $50 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 September 6, 2018, for $16.8 million.
The signatory for Bushburg Properties was Daniel Martin and Abraham J. Hoffman.
(321594137) Plans for a 320-unit, 273,133 square-foot R-2 were filed on June 27, 2019.
In East New York, the bulk, or 31 percent of the 68.3 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, East New York has the 4th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, East New York has 2.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 81 percent of the 69,294 square feet of built space are industrial buildings, with specialty buildings next occupying 10 percent of the space.
Within a 400-foot radius of 2840 Atlantic Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit issued on May 5, 2021 for a 47,454-square-foot R-2 building with 68 residential units at 2817 Atlantic Avenue.

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