Court Square Real Estate Partners signs $5.8M refi for mixed-use in Columbia Waterfront

Court Square Real Estate Partners through the entity 126 Union LLC as borrower signed a refi loan with lender Wells Fargo valued at $5.8 million for three adjacent mixed-use properties with eight residential units including the two-unit mixed-use building (S2) at 126 Union Street, the three-unit mixed-use building (S3) at 128 Union Street, and the three-unit mixed-use building (S3) at 130 Union Street, in Columbia Waterfront, Brooklyn.
The deal closed on July 29, 2025 and was recorded on July 30, 2025. The prior lender was Bancorp Bank which held debt that had an original loan amount of $5.5 million.The three properties have 12,055 square feet of built space and 1,640 square feet of additional air rights for a total buildable of 12,100 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $476 and the price per buildable square foot is $475 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 signatory for Court Square Real Estate Partners was Mark Gold . The signatory for Wells Fargo was Cindi D. Hodges .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 128 Union Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes David Sjauw, head officer and Susan Licata, agent. The business entities are The Management Women Llc and 128 Union Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,280 in ECB penalties and $2,280 in OATH penalties 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 Columbia Waterfront, The bulk, or 39 percent of the 925,577 square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 25 percent of the space. In sales, Columbia Waterfront has the 44th highest sale turnover among other neighborhoods in Brooklyn with $23.6 million in sales volume in the last two years. For development, Columbia Waterfront has had very little major development activity relative to other neighborhoods.It had 29,252 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.

The block

On the tax block of 128 Union Street, PincusCo has identified the owners of five of the 14 commercial properties representing 15,275 square feet of the 57,665 square feet. The largest owner is Court Square Real Estate Partners, followed by Locurto I. Lilla and then City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 57,665 square feet of built space are mixed-use buildings, with walkup buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that Court Square Real Estate Partners owned at least four commercial properties with eight residential units in New York City with 564,830 square feet and a city-determined market value of $149.7 million. (Market value is typically about 50% of actual value.) The portfolio has $35.9 million in debt, with top three lenders as Signature Bank, Bancorp Bank, and Edgewood Capital Advisors respectively. Within the portfolio, the bulk, or 98 percent of the 564,830 square feet of built space are office properties, with mixed-use properties next occupying 2 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

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