DIB Management signs $9M refi with OceanFirst for commercial in Sunset Park

DIB Management through the entity Sunset Commercial Property, LLC as borrower signed a refi loan with lender OceanFirst Bank valued at $9 million for the industrial building (F5) at 201 42nd Street in Sunset Park, Brooklyn.
The deal closed on April 21, 2026 and was recorded on May 6, 2026. The prior lender was Northeast Bank which held debt that had an original loan amount of $7.6 million.The property has 104,182 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $86 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 July 11, 2007, for $8.8 million. The signatory for DIB Management was Ramona Luckert . The signatory for OceanFirst Bank was Annmarie Sorena .

Prior sales, articles and revenue

The 104,182-square-foot property generated revenue of $1.7 million or $16 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Sunset Park has 104,182 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 182 feet deep with a total lot size of 36,460 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $9 million. OceanFirst Bank on April 21, 2026 bought a loan with an original principal of $7.6M from Northeast Bank signed by Christopher P. Hickey, secured by 201 42nd Street, when owned by DIB Management .

Transaction Participants

Kirk P. Tzanides at The Tzanides Law Firm, P.C. participated in the transaction on behalf of the lender.

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 not received any significant violations 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 neighborhood

In Sunset Park, The bulk, or 30 percent of the 35 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 26 percent of the space. In sales, Sunset Park has near average sales volume among other neighborhoods with $371.2 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 875,975 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.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 188,500 square feet of the 239,505 square feet. The largest owner is Dib Management, followed by William Cheung and then New York Police Department.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 239,505 square feet of built space are industrial buildings, with mixed-use buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Dib Management owned at least five commercial properties with eight residential units in New York City with 248,972 square feet and a PincusCo-determined asset value of $62.5 million. Within the portfolio, the bulk, or 90 percent of the 248,972 square feet of built space are industrial properties, with mixed-use properties next occupying 9 percent of the space. The bulk, or 90 percent of the built space, is in Brooklyn, with Manhattan next at 9 percent of the space.

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