David Fischer signs $23.8M refi with New York Community for two Brooklyn elevator buildings

David S. Fischer through the entity Carbrook Associates Realty LLC as borrower signed a refi loan with lender New York Community Bank valued at $23.8 million for two residential elevator buildings including the 45-unit residential elevator building at 440 Brooklyn Avenue in East Flatbush, Brooklyn and 38-unit residential elevator building at 1577 Carroll Street in Crown Heights, Brooklyn.
The deal closed on February 15, 2022 and was recorded on March 1, 2022. The prior lender was NY Community Bank which held debt that had an original loan amount of $17.5 million.
The two properties have 97,098 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $244 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 David S. Fischer was David S. Fischer. The signatory for New York Community Bank was Alan L. Kaufman.
The two properties with a total of 97,098 square feet of built space generated revenue of $1.9 million per year or $19 per square foot.

In East Flatbush, the bulk, or 42 percent of the 78.9 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million 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. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 56 percent of the 214,973 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 42 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Gitel Fischer, head officer and Hersh Zarchi, agent. The business entity is Carbrook Associates.
Within a 400-foot radius of 440 Brooklyn Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Stephen Schor borrowed $18.6 million from New York Community Bank secured by the 113,952-square-foot, 107-unit rental (D1) on 486 Brooklyn Avenue on April 9, 2021.

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