Chess Builders signs $7.2M initial loan with Parke Bank for office, retail in Williamsburg

Chess Builders through the entity Ffn9 LLC as borrower signed a initial loan with lender Parke Bank through the entity Parke Bank valued at $7.2 million for the office and retail building (O5) at 55 North 9th Street in Williamsburg, Brooklyn.
The deal closed on December 11, 2024 and was recorded on December 24, 2024. The property has 13,604 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $529 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 29, 2022, for $4.9 million. The signatory for Chess Builders was Cheskel Schwimmer.

Prior sales and revenue

The 13,604-square-foot property generated revenue of $97,501 or $7 per square foot, according to the most recent income and expense figures.

The property

The retail building in Williamsburg has 13,604 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $570,000.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 18,218 square feet of the 184,964 square feet. The largest owner is Ninenorth61 Llc, followed by Robert Barouh and then Cheskel Schwimmer.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 184,964 square feet of built space are industrial buildings, with retail buildings next occupying 5 percent of the space.

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