Frank DeFalco signs $8.9M refi for 46-unit rental in Boerum Hill

Frank DeFalco through the entity Boerum Place Properties, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $8.9 million for the 46-unit residential elevator building (D9) known as the Trolley House at 129 Boerum Place in Boerum Hill, Brooklyn.
The deal closed on February 1, 2024 and was recorded on February 6, 2024. The prior lender was Citizens Bank which held debt that had an original loan amount of $13.2 million.
The property has 42,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $211 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 Frank DeFalco was Frank DeFalco. The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Frank DeFalco, head officer and Mario Maltese, site manager. The business entities are Trezza Mgmt. and Boerum Place Poperties Llc.

The property

The residential elevator building with 46 residential units in Boerum Hill has 42,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 120 feet deep with a total lot size of 11,999 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 $11.9 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 not received any significant violations 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 this tax block, PincusCo has identified the owners of five of the 19 commercial properties representing 62,071 square feet of the 117,779 square feet. The two identified owners are Louise Pfister and Frank DeFalco.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 117,779 square feet of built space are mixed-use buildings, with elevator buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Frank DeFalco owned at least four commercial properties with 77 residential units in New York City with 58,171 square feet and a city-determined market value of $17 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 58,171 square feet of built space are elevator properties, with walkup properties next occupying 28 percent of the space. They are all located in Brooklyn.

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