Eric Sternberg signs $6.6M refi for 24-unit rental in Kensington

Eric Sternberg through the entity 706 Ocean Views LLC as borrower signed a refi loan with lender Provident Bank valued at $6.6 million for the 24-unit residential elevator building (D3) at 706 Ocean Parkway in Kensington, Brooklyn.
The deal closed on March 4, 2024 and was recorded on April 1, 2024. The prior lender was S3 Capital which held debt that had an original loan amount of $5.8 million.The property has 15,942 square feet of built space and 284 square feet of additional air rights for a total buildable of 16,236 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $414 and the price per buildable square foot is $406 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 June 18, 2014, for $1.5 million. The signatory for Eric Sternberg was Eric Sternberg. The signatory for Provident Bank was Karl Seus.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Nathan Parnes, head officer. The business entity is 706 Ocean Views Llc.

The property

The residential elevator building with 24 residential units in Kensington has 15,942 square feet of built space and 284 square feet of additional air rights for a total buildable of 16,236 square feet according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 90 feet deep with a total lot size of 4,059 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2020 and expires in 2035. The city-designated market value for the property in 2022 is $2.7 million.

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 $73,560 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 24-unit, 15,947 square-foot R-2 building. The project was submitted by Sternberg Eric with plans filed August 16, 2011 and permitted April 7, 2015.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 87,518 square feet of the 144,400 square feet. The largest owner is New York Police Department, followed by Ned Sage and then Leonard Schwartz.
On the tax block, there was one new building construction project filed totaling 15,947 square feet. It is a 24-unit, 15,947 square-foot residential (R-2) building submitted by Sternberg Eric with plans filed August 16, 2011 and permitted April 7, 2015.

The majority, or 49 percent of the 144,400 square feet of built space are elevator buildings, with specialty buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that Eric Sternberg owned at least two commercial properties in New York City with 51,772 square feet and a city-determined market value of $11.3 million. (Market value is typically about 50% of actual value.) The portfolio has $71 million in debt, with top three lenders as Dime Community Bank, Golden Bridge Funding, and Levon Capital respectively. Within the portfolio, the bulk, or 94 percent of the 51,772 square feet of built space are hotel properties, with E1 properties next occupying 6 percent of the space. They are all located in Queens.

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