FBE Limited signs $36.8M refi with Genesis LLC for Marine Basin marina

FBE Limited through the entity 1900 Acquisition LLC as borrower signed a refi loan with lender Genesis LLC through the entity NEG Financing 10 LLC valued at $36.8 million for five properties that make up the Marine Basin Marina including the specialty building (Q9) at 1900 Shore Parkway, the garage building (G1) at 1860-1900 Shore Parkway, and the vacant lot (V1) at 41st Street, all in Gravesend, Brooklyn.
The deal closed on March 20, 2025 and was recorded on March 28, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $32.8 million.The five properties have 16,904 square feet of built space and 678,473 square feet of additional air rights for a total buildable of 695,677 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,174 and the price per buildable square foot is $52 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 FBE Limited was Yehoshua Leib Fruchthandler. The signatory for Genesis LLC was Ezra Husney .

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 1900 Shore Parkway.

The property

The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The most recent loan totaled $32.8 million and was provided by Signature Bank on January 6, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 1900 Shore Parkway, PincusCo has identified the owners of three of the four commercial properties representing 7,400 square feet of the 200,841 square feet. The identified owner is FBE Limited.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 200,841 square feet of built space are specialty buildings, with industrial buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that FBE Limited owned at least 33 commercial properties with 823 residential units in New York City with 829,470 square feet and a city-determined market value of $679.2 million. Within the portfolio, the bulk, or 73 percent of the 829,470 square feet of built space are elevator properties, with walkup properties next occupying 9 percent of the space. The bulk, or 74 percent of the built space, is in Brooklyn, with Manhattan next at 17 percent of the space.

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