Fifth Avenue Committee signs $8.7M rehab construction loan for 48-unit walkup in Sunset Park

Fifth Avenue Committee through the entity 50th Street Housing Development Fund Corp. as borrower signed a rehab construction loan with lender Community Preservation Corporation through the entity City Of New York (The) valued at $8.7 million for the 48-unit residential walkup building (C1) at 329-345 50th Street in Sunset Park, Brooklyn.
The deal closed on December 6, 2022 and was recorded on December 30, 2022. The property has 38,744 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $223 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 Fifth Avenue Committee was Michelle de la Uz. The signatory for Community Preservation Corporation was Joya Cohen.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Michelle de la Uz, head officer and Angel Rodriguez, officer. The business entities are Fifth Avenue Committee Inc and 50th St Housing Development Fund Corp. The 38,744-square-foot property generated revenue of $641,213 or $17 per square foot, according to the most recent income and expense figures.

The property

The 329-345 50th Street parcel has frontage of 140 feet and is 100 feet deep with a total lot size of 14,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 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 $2,400 in ECB penalties, 13 housing violations, and $2,450 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the 19 commercial properties representing zero square feet of the 111,201 square feet. The identified owner is City of New York.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 111,201 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Fifth Avenue Committee owned at least 10 commercial properties in New York City with 80,187 square feet and a city-determined market value of $20.2 million. (Market value is typically about 50% of actual value.) The portfolio has $47.8 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 55 percent of the 80,187 square feet of built space are walkup properties, with elevator properties next occupying 39 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link