David Horton signs $5.5M refi for 63-unit walkup in Bushwick

David Horton through the entity Hortin Corporation as borrower signed a refi loan with lender JPMorgan Chase valued at $5.5 million for the 63-unit residential walkup building (C1) at 1040 Bushwick Avenue in Bushwick, Brooklyn.
The deal closed on December 30, 2024 and was recorded on January 17, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $6.9 million.The property has 56,250 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $97 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 Horton was David Horton. The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes David Horton, head officer and Matthew Horton, site manager. The business entity is Hortin Corporation.

The property

The residential walkup building with 63 residential units in Bushwick has 56,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 150 feet deep with a total lot size of 15,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.9 million. The property has 61 rent regulated units according to city tax records from 2023.

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 seven housing violations and $350 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 block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 149,244 square feet of the 248,719 square feet. The largest owner is Icon Realty Management, followed by Sydney Engel and then Community Assisted Tenant Controlled Housing.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 248,719 square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.

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