David Halberstam signs $11M refi with Bank of Princeton for 22-unit development in Williamsburg
David Halberstam through the entity 630 Grand St LLC as borrower signed a refi loan with lender Bank of Princeton through the entity The Bank Of Princeton valued at $11 million for the 22-unit project at 630 Grand Street in Williamsburg, Brooklyn.
On the lot, there is one active new building construction project for a 20-unit, 13,691 square-foot R-2 building. The project was submitted by David Halberstam with plans filed April 13, 2022 and permitted June 10, 2022.
The deal closed on November 30, 2023 and was recorded on December 7, 2023. The prior lender was S3 Capital which held debt that had an original loan amount of $9.8 million.
The property has total buildable of 15,996 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $687 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 October 20, 2022, for $4.8 million. The signatory for David Halberstam was David Halberstam. The signatory for Bank of Princeton was William McCoy.
The property
The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 3,999 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million. The most recent loan totaled $9.8 million and was provided by S3 Capital on October 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 $9,375 in ECB penalties and $20,365 in OATH penalties in the last year.
The block
On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 72,548 square feet of the 126,790 square feet. The largest owner is Zbigniew Sulek, followed by Sol Ekstein and then Nyc Department Of Education.
On the tax block, there were three new building construction projects totaling 25,505 square feet. The largest is a 20-unit, 13,691 square-foot residential (R-2) building submitted by David Halberstam with plans filed April 13, 2022 and permitted June 10, 2022. The second largest is a 11-unit, 7,314 square-foot residential (R-2) building submitted by Zalman Perl with plans filed March 20, 2015 and it has not been permitted yet.
The majority, or 43 percent of the 126,790 square feet of built space are specialty buildings, with mixed-use buildings next occupying 29 percent of the space.
The borrower
The PincusCo database currently indicates that David Halberstam owned at least 12 commercial properties with 41 residential units in New York City with 49,805 square feet and a city-determined market value of $11.7 million. (Market value is typically about 50% of actual value.) The portfolio has $86.5 million in debt, with top three lenders as S3 Capital, Valley National Bank, and Bank of Princeton respectively. Within the portfolio, the bulk, or 27 percent of the 49,805 square feet of built space are elevator properties, with mixed-use properties next occupying 16 percent of the space. They are all located in Brooklyn.
Direct link to Acris document. link