Chaim Wurzberger signs $14M construction loan with Webster Bank for 41-unit project in East Flatbush
335 Linden Boulevard (Credit - Google)
Chaim Wurzberger through the entity 335 Linden Blvd LLC as borrower signed a new construction loan with lender Webster Bank valued at $14 million for the development at 335 Linden Boulevard in East Flatbush, Brooklyn.
On these lots, there is one active new building construction project for a 41-unit, 28,757-square-foot R-2 building. The project was developed by Chaim Wurzberger with plans filed December 1, 2021.
The deal closed on September 21, 2022 and was recorded on September 26, 2022.
The owner bought the property on October 6, 2021, for $1.9 million. The signatory for Chaim Wurzberger was Chaim Wurzberger. A PincusCo analysis of new construction lenders, which found prior to the two Webster Bank loans recorded yesterday, the lender had provide about $160 million in new construction financing on five projects.
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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 $440 in OATH penalties in the last year.
The block
On this tax block, PincusCo has identified the owners of nine of the 22 commercial properties representing 276,920 square feet of the 623,848 square feet. The largest owner is Thomas Forde, followed by Shaul Kopelowitz and then Eric Miller.
There are six active new building construction projects totaling 127,649 square feet. The largest is a 46-unit, 31,578-square-foot R-2 building developed by Joseph Roubeni with plans filed January 3, 2022 and permitted June 10, 2022. The second largest is a 24-unit, 21,787-square-foot R-2 building developed by Jack Schwartz with plans filed May 20, 2016 and permitted June 7, 2022.
The majority, or 83 percent of the 623,848 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.
The borrower
The PincusCo database currently indicates that Chaim Wurzberger owned at least 10 commercial properties in New York City with 95,653 square feet and a city-determined market value of $14.9 million. (Market value is typically about 50% of actual value.) The portfolio has $67 million in debt, with top three lenders as Investors Bank, JLL, and TD Bank respectively. Within the portfolio, the bulk, or 58 percent of the 95,653 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. They are all located in Brooklyn.
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