Daniel Brodsky lends Brodsky Organization $14.05M to buy retail in Chelsea, SoHo

The Brodsky Organization through the entity The Beaumont Company LLC as borrower signed an acquisition loan with lender Daniel Brodsky valued at $14.05 million for four retail condominiums at two locations, at 456 West 19th Street in Chelsea, Manhattan, and at 25 West Houston Street in Manhattan. Daniel Brodsky is an executive with the Brodsky Organization.

The Brodsky Organization paid Quinlan Development Group $12.4 million for the properties on March 28, 2024.

The deal closed on March 28, 2024 and was recorded on April 2, 2024. The four properties have 14,048 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,000 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 Brodsky Organization was J. Dean Amro. The signatory for Daniel Brodsky was Daniel Brodsky.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 25 West Houston Street, PincusCo has identified the owners of seven of the 10 commercial properties representing 180,564 square feet of the 197,089 square feet. The largest owner is Weybourne Holdings, followed by Jan Koum and then Glenwood Management.
On the tax block, there was one new building construction project filed totaling 7,032 square feet. It is a 7,032 square-foot mercantile (M) building submitted by Imelda Malijan-Sjam with plans filed October 2, 2013 and permitted July 31, 2014.

The majority, or 54 percent of the 197,089 square feet of built space are retail buildings, with hotel buildings next occupying 34 percent of the space.

The borrower

The PincusCo database currently indicates that Brodsky Organization owned at least 43 commercial properties with 5,920 residential units in New York City with 5,824,465 square feet and a city-determined market value of $1.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $746.1 million in debt, with top three lenders as M&T Bank, AXA Equitable, and Bank of New York Mellon respectively. Within the portfolio, the bulk, or 93 percent of the 5,824,465 square feet of built space are elevator properties, with office properties next occupying 3 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

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