CW Realty refis new dev in Vinegar Hill with $42.6M loan from Valley National

CW Realty Group through the entity 251 Front LLC as borrower signed a loan with lender Valley National Bank valued at $42.6 million for the 58-unit residential elevator building (D3) at 68 Gold Street also known as 251 Front Street in Vinegar Hill, Brooklyn.

The prior lender was Bank Hapoalim which provided a $33.1 million construction loan.
The deal closed on April 4, 2023 and was recorded on April 14, 2023. The property has 63,720 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $668 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 June 19, 2020, for $20.2 million.

The property

The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 19,990 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.1 million. The most recent loan totaled $33.1 million and was provided by Bank Hapoalim on January 24, 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 $4,660 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 59-unit, 39,818 square-foot R-2 building. The project was submitted by CW Realty Group and filed by Cheskie Weiss with plans filed April 7, 2020 and permitted May 27, 2021.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 254,760 square feet of the 254,760 square feet. The largest owner is Cw Realty, followed by Meir Moore Inc. and then Michael Alvandi’s City Urban Realty.
On the tax block, there were six new building construction projects totaling 67,869 square feet. The largest is a 59-unit, 39,818 square-foot residential (R-2) building submitted by CW Realty Group and filed by Cheskie Weisz with plans filed April 7, 2020 and permitted May 27, 2021. The second largest is a three-unit, 13,905 square-foot residential (R-2) building submitted by Meir Moore with plans filed June 16, 2016 and permitted December 19, 2017.

The majority, or 64 percent of the 254,760 square feet of built space are office buildings, with elevator buildings next occupying 36 percent of the space.

Direct link to Acris document. link