Dime files $7.1M pre-foreclosure at All Year-developed property in Borough Park

Dime Community Bank filed a $7.1 million pre-foreclosure action at the 11,700-square-foot office building at 1128 36th Street in Borough Park, Brooklyn that Yoel Goldman’s All Year Management developed. The complaint names All Year Holdings as well as Yoel Goldman.

LINK 534868/2023

In September 2020, Dime Community Bank provided Yoel Goldman of All Year Mangement a $7.1 million loan which refinanced a series of smaller loans from other lenders. In 2020 the property was leased to a yeshiva.

According to the complaint, “Defendant 1128 36th defaulted by failing to pay the monthly installment due on August 1, 2023, and the monthly installments due thereafter under the Loan Agreement, leaving a principal balance due and owing to DIME of $6,775,947.24 as of November 7, 2023…” Yoel Goldman bought the property in November 2014 for $1.35 million.

Court filings represent the position of one party and are not necessarily accurate or complete.

The New Jersey-based Graph Group acquired 133 buildings representing most of All Year Management’s portfolio in early 2023.

The property

The office building in Borough Park has 11,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 72 feet deep with a total lot size of 5,840 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 $2 million. The most recent loan totaled $7.1 million and was provided by Dime Community Bank on September 23, 2020.

Prior sales and revenue

This property was sold for $1.4 million on November 4, 2014.

The 11,700-square-foot property generated revenue of $316,467 or $27 per square foot, according to the most recent income and expense figures.

Development

Yoel Schwimmer submitted a new building construction project for a 27,513 square-foot business (B) building at 1128 36th Street. The plan was filed on July 16, 2014 and was permitted on March 17, 2016. It calls for the construction of a 92-foot tall, seven-story building and was filed with the New York City Department of Buildings under job number 320916078. The project is described in the filing as: proposed cellar, basement and six story commercial and school building.

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

For the tax lot building, it received its initial certificate of occupancy on September 19, 2019.

Violations and lawsuits

According to city public data, the property has received $6,000 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has near average sales volume among other neighborhoods with $543.5 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 991,635 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 13,800 square feet of the 74,337 square feet. The two identified owners are All Year Management and Lawrence Deangelo. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that All Year Management owned at least 46 commercial properties with 397 residential units in New York City with 404,863 square feet and a city-determined market value of $76.3 million. (Market value is typically about 50% of actual value.) The portfolio has $130.6 million in debt, with top three lenders as Downtown Capital Partners, Signature Bank, and Dime Community Bank respectively. Within the portfolio, the bulk, or 51 percent of the 404,863 square feet of built space are walkup properties, with elevator properties next occupying 25 percent of the space. They are all located in Brooklyn.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 1128 36 Street in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.