David Nierenberg signs $20M refi for 135-unit elevator building in Sheepshead Bay, has 871-unit portfolio

David Nierenberg through the entity 1245 Ave X Realty LLC as borrower signed a refi loan with lender Dime Community Bank valued at $20 million for the 135-unit residential elevator building at 1245 Avenue X in Sheepshead Bay, Brooklyn.
The deal closed on February 4, 2022 and was recorded on February 17, 2022. The prior lender was Dime Community Bank which held debt that had an original loan amount of $20.2 million.
The property has 124,636 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $160 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 January 24, 2017, for $37 million.
The signatory for David Nierenberg was David Nierenberg.

David Nierenberg owns a portfolio of at least 16 building with 871 units and a total of 852,352 square feet, according to a PincusCo analysis of city property records.

In Sheepshead Bay, the bulk, or 42 percent of the 62.1 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 33 percent of the space. In sales, Sheepshead Bay has 1.4 times the average sales volume among other neighborhoods with $395.1 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 704,512 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 78 percent of the 365,893 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 16 percent of the space.
The owners according to the Department of Housing Preservation and Development includes David Nierenberg, head officer and Rolando Castillo, site manager. The business entity is 1245 Ave X Realty Llc.
Within a 400-foot radius of 1245 Avenue X, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $19.5 million. The most recent of the two was M&R Management which borrowed $9.2 million from Capital One secured by the 114,548-square-foot, 106-unit rental (D1) on 1230 Avenue X on January 12, 2022.

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