East Coast Petroleum signs $5.9M refi loan with Flagstar Bank for seven properties in Mott Haven

East Coast Petroleumn through the entity 141 & Jackson LLC as borrower signed a refi loan with lender Flagstar Bank valued at $5.9 million for seven properties including the industrial building (E9) at 340 Jackson Avenue and 336 Jackson Avenue, and the industrial building (G7) at 727 East 141st Street, all in Mott Haven, Bronx.
The deal closed on January 30, 2026 and was recorded on February 11, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $1.8 million. The seven properties have 20,248 square feet of built space and 36,045 square feet of additional air rights for a total buildable of 56,366 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $292 and the price per buildable square foot is $105 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 signatory for East Coast Petroleum was John Knief . The signatory for Flagstar Bank was Kyle DeVerna .

Prior sales, articles and revenue

Out of the seven properties, one with a total of 20,248 square feet of built space generated revenue of $320,066 per year.

The property

The industrial building in Mott Haven has 20,248 square feet of built space and 36,045 square feet of additional air rights for a total buildable of 56,366 square feet according to a PincusCo analysis of city data. The parcel has frontage of 173 feet and is 100 feet deep with a total lot size of 17,333 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 $1.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the seven buildings received a initial certificate of occupancy in the last ten years. 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 Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $321.4 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2.4 times the average amount of major developments relative to other neighborhoods and is the highest in Bronx. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On the tax block of 340 Jackson Avenue, PincusCo has identified the owners of three of the 20 commercial properties representing 131,448 square feet of the 216,390 square feet. The two identified owners are Sebco Development and David Umansky.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 216,390 square feet of built space are elevator buildings, with industrial buildings next occupying 36 percent of the space.

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