Gary Spindler signs $28M refi with Integrity Life for new building in Bushwick
605 Hart Street (Credit - Google)
Gary Spindler through the entity Occam Oz LLC as borrower signed a refi loan with lender Integrity Life Insurance Company valued at $28 million for the new 56-unit residential elevator building (D7) at 605 Hart Street in Bushwick, Brooklyn.
The deal closed on July 15, 2022 and was recorded on July 28, 2022. The prior lender was Valley National Bank which held debt that had an original loan amount of $21.8 million. The building has 52,707 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $531 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 Gary Spindler was Gary Spindler. The signatory for Integrity Life Insurance Company was Kevin L. Howard and Paul C. Silva. Gary Spindler owns Park-It Management. 605 Hart Street is a new construction multifamily project and the retail is occupied by an Associated-branded supermarket, Hartland Supermarket LLC, and Spindler is a co-owner of the supermarket, according to a NYCIDA filing seeking tax breaks.
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 605 Hart Street.
The property
The 605 Hart Street parcel has frontage of 73 feet and is 189 feet deep with a total lot size of 11,788 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 $4.3 million.The most recent loan totaled $21.8 million and was provided by Valley National Bank on December 11, 2019.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received three housing violations in the last year.
Development
On these lots, there is one active new building construction project for a 54-unit, 76,080-square-foot R-2 building. The project was developed by Evan Stern with plans filed March 19, 2015 and permitted April 13, 2017.
The block
On the tax block of 605 Hart Street, PincusCo has identified the owners of six of the 18 commercial properties representing 84,377 square feet of the 118,196 square feet. The largest owner is Justin Stern, followed by Shia Mandel and then Moses Karpen. There are three active new building construction projects totaling 107,658 square feet. The largest is a 54-unit, 76,080-square-foot R-2 building developed by Evan Stern with plans filed March 19, 2015 and permitted April 13, 2017. The second largest is a two-unit, 3,130-square-foot R-3 building developed by Jaime Jimenez with plans filed August 19, 2020 and it has not been permitted yet.
The majority, or 45 percent of the 118,196 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.
Direct link to Acris document. link