Eliahu Nahman signs $18M refi loan with Peapack-Gladstone for rental in Bed-Stuy

Eliahu Nahman through the entity 412 Herkimer II LLC as borrower signed a refi loan with lender Peapack-Gladstone Bank valued at $18 million for the 40-unit rental (D1) at 412 Herkimer Street in Bed Stuy, Brooklyn.
The deal closed on December 6, 2021 and was recorded on December 27, 2021.
The property has 37,825 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $475 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 8, 2006, for $900,000.
The signatory for Eliahu Nahman was Eliahu Nahman.
(320514993) Plans for a 40-unit, 27,778 square-foot R-2 were filed on February 1, 2013 and were permitted on June 24, 2014.
The owners according to the Department of Housing Preservation and Development includes Joseph Banda, head officer and Yona Buxbaum, agent. The business entity is 412 Herkimer Llc.

Within a 400-foot radius of 412 Herkimer Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on May 7, 2020 for a 11,197-square-foot R-2 building with 10 residential units at 444 Herkimer Street.
Of those seven items, five were loans above $5 million totaling $79.2 million. The most recent of the five was Chaim J. Landau which borrowed $7.8 million from Investors Bank secured by the 2,449-square-foot, two-unit two-family building (B3) on 35 Kingston Avenue and one other property on August 10, 2021.

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