Eduard Slinin signs $44M construction loan with Ponce Bank for 73-unit project in Gowanus

Eduard Slinin through the entity E & M Realty Corp as borrower signed a new construction loan with lender Ponce Bank valued at $44 million for the office building (O1) at 335 Bond Street in Gowanus, Brooklyn.
On the lot, there is one active new building construction project for a 73-unit, 77,383 square-foot R-2 building. The project was submitted by Robert Slinin with plans filed December 1, 2021 and permitted May 17, 2022.
The deal closed on October 18, 2023 and was recorded on November 2, 2023.
The prior lender was Popular Bank which held debt that had an original loan amount of $5 million.
The signatory for Eduard Slinin was Eduard Slinin. The signatory for Ponce Bank was Steven A. Tsavaris.

The property

The office building in Gowanus has 15,178 square feet of built space and 38,080 square feet of additional air rights for a total buildable of 53,251 square feet according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 129 feet deep with a total lot size of 15,480 square feet. The zoning is M1-4/R7-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $1.7 million. The most recent loan totaled $5 million and was provided by Popular Bank on June 16, 2022.

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 received $6,030 in ECB penalties and $6,030 in OATH penalties in the last year.

The neighborhood

In Gowanus, The bulk, or 46 percent of the 9.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 2 times the average sales volume among other neighborhoods with $708.9 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Gowanus is the 9th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 47 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 32,532 square feet of the 35,532 square feet. The two identified owners are Rabsky Group and Eduard Slinin.
On the tax block, there were three new building construction projects totaling 389,333 square feet. The largest is a 298-unit, 273,119 square-foot residential (R-2) building submitted by Rabsky Group and filed by Rafael Rabinowitz with plans filed December 9, 2021 and permitted May 10, 2022. The second largest is a 73-unit, 77,383 square-foot residential (R-2) building submitted by Robert Slinin with plans filed December 1, 2021 and permitted May 17, 2022.

The majority, or 43 percent of the 35,532 square feet of built space are office buildings, with development buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Eduard Slinin owned at least one commercial property in New York City with 15,178 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Popular Bank. The portfolio consists of at least a single office property. It is located in Brooklyn.

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