Dovie Sperlin signs $27.1M refi for residential elevator in Bushwick
668 Bushwick Avenue (Credit - Google)
Dovie Sperlin through the entity 668 Associates LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $27.1 million for the 50-unit residential elevator building (D7) at 666-668 Bushwick Avenue in Bushwick, Brooklyn.
The deal closed on September 19, 2022 and was recorded on September 23, 2022. The property has 57,652 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $470 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 March 11, 2014, for $1.4 million. The signatory for Dovie Sperlin was Dovie Sperlin.
The property
The 666-668 Bushwick Avenue parcel has frontage of 43 feet and is 130 feet deep with a total lot size of 11,766 square feet. The lot is irregular. 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 $1.3 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on September 19, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 80,369 square feet of the 112,128 square feet. The largest owner is Simon Kaufman, followed by Dovie Sperlin and then Linda Vera-Benitez.
There is one active new building construction project totaling 7,799 square feet. It is a nine-unit, 7,799-square-foot R-2 building developed by Israel Kozlik with plans filed November 17, 2016 and it has not been permitted yet.
the majority, or 55 percent of the 104,153 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.
The borrower
The PincusCo database currently indicates that Dovie Sperlin owned at least 43 commercial properties in New York City with 1,540,852 square feet and a city-determined market value of $85.7 million. (Market value is typically about 50% of actual value.) The portfolio has $98.7 million in debt, borrowed from New York Community Bank and Harry Stein. Within the portfolio, the bulk, or 50 percent of the 1,540,852 square feet of built space are walkup properties, with elevator properties next occupying 50 percent of the space. They are all located in Brooklyn.
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