David Levitan signs $9M refi loan with TriState Capital Bank for commercial in Sunset Park

David Levitan through the entity 5113 Development LLC as borrower signed a refi loan with lender TriState Capital Bank through the entity Tristate Capital Bank valued at $9 million for the commercial building (F4) at 5113 2nd Avenue in Sunset Park, Brooklyn.
The deal closed on October 6, 2021 and was recorded on October 19, 2021.
The property has 16,050 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $560 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 April 27, 2018, for $5 million.
The signatory for David Levitan was David Levitan.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $3.6 million. Those filings sought to increase the number of residential units by 15 to 15. One of the projects were to change the building from a COM to a R-1 and change the number of residential units from 0 to 5 and were permitted on January 20, 2021.

Within a 400-foot radius of 5113 2nd Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Public Storage bought the 139,264-square-foot, one-unit industrial (E7) on 5002 2nd Avenue for $48.8 million from Banner Real Estate Group on February 26, 2020.

Direct link to Acris document. link