Eliezer Jeremias signs $14.1M refi loan with for two rental properties with 90 units in Flatbush

Eliezer Jeremias through the entity 15 & 30 Westminster Road Realty Co., LLC as borrower signed a refi loan with lender New York Community Bank valued at $14.1 million for two residential walkup properties including the 45-unit residential walkup building (C1) at 30 Westminster Road in Flatbush, Brooklyn and 55-unit residential walkup building (C1) at 15-31 Westminster Road in Flatbush, Brooklyn.
The deal closed on June 1, 2022 and was recorded on December 9, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $15 million. The two properties have 87,788 square feet of built space and 7,200 square feet of additional air rights for a total buildable of 91,176 square feet according to PincusCo analysis of city data. The loan price per built square foot is $160 and the price per buildable square foot is $154 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 Eliezer Jeremias was Eliezer Jeremias. The signatory for New York Community Bank was John Feijoo. This is a modification of a 2019 loan.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 15-31 Westminster Road.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Moe Greenzweig, head officer and Juda Stern, site manager. The business entity is 15 & 30 Westminster Road, Llc. The two properties with a total of 87,788 square feet of built space generated revenue of $1.7 million per year or $19 per square foot.

The property

The 15-31 Westminster Road parcel has frontage of 160 feet and is 100 feet deep with a total lot size of 16,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 60 housing violations, $100 in OATH penalties, and one housing litigation in the last year.

Development

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 the tax block of 15-31 Westminster Road, PincusCo has identified the owners of three of the 19 commercial properties representing 93,205 square feet of the 288,117 square feet. The two identified owners are Pinnacle Group and CBZ Management.
there are no active new building construction projects on this tax block.

The majority, or 86 percent of the 288,117 square feet of built space are walkup buildings, with mixed-use buildings next occupying 14 percent of the space.

The borrower

The PincusCo database currently indicates that Eliezer Jeremias owned at least two commercial properties in New York City with 110,252 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) The portfolio has $9.9 million in debt, borrowed from Bank of Princeton. Within the portfolio, all identified are elevator properties. They are all located in Brooklyn.

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