Elmo Realty signs $14.4M rehab construction loan with Webster Bank for specialty in Crown Heights
Elmo Realty through the entity 1634 Dean LLC as borrower signed a rehab construction loan with lender Webster Bank valued at $14.4 million for the specialty building (M1) at 1634 Dean Street in Crown Heights, Brooklyn.
The deal closed on July 27, 2022 and was recorded on October 24, 2022. The property has 41,500 square feet of built space and 6,056 square feet of additional air rights for a total buildable of 47,477 square feet according to PincusCo analysis of city data. The loan price per built square foot is $348 and the price per buildable square foot is $304 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 Elmo Realty was Saba Vahdat. The signatory for Webster Bank was Jose Arredondo.
The property
The 1634 Dean Street parcel has frontage of 91 feet and is 184 feet deep with a total lot size of 19,538 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 $1.9 million.
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 two DOB violations, $8,500 in ECB penalties in the last year.
The neighborhood
In Crown Heights, the bulk, or 38 percent of the 46.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 1.3 times the average sales volume among other neighborhoods with $459.6 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Crown Heights has 2.7 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 130,200 square feet on the block.The identified owner is City of New York.
On the tax block, there was one new building construction project filed totaling zero square feet. It is a N/A-unit, zero-square-foot F-1B building developed by Richard Thomas with plans filed April 26, 2007 and permitted August 8, 2014.
all properties are specialty.
The borrower
The PincusCo database currently indicates that Elmo Realty owned at least one commercial property in New York City with 9,006 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.
Direct link to Acris document. link