GDC Properties signs $40.3M in loans for two elevator buildings in Williamsburg

GDC Properties signed $40.3 million in loans with Sterling National Bank for two elevator buildings in Williamsburg.

In the larger, GDC Properties through the entity SG Union LLC as borrower signed a refi loan with lender Sterling National Bank valued at $26.8 million for the 47-unit residential elevator building at 385 Union Avenue in Williamsburg, Brooklyn.
The deal closed on December 31, 2021 and was recorded on February 2, 2022. The prior lender was Sterling National Bank which held debt that had an original loan amount of $30 million.
The property has 53,023 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $506 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 September 20, 2016, for $45.4 million.
The signatory for GDC Properties was Christine McWalters. The signatory for Sterling National Bank was John Vitale.
The 53,023-square-foot property generated revenue of $2.2 million or $41 per square foot, according to the most recent income and expense figures.

The bank agreed to extend the loan if the borrower paid down an additional $1.5 million by the end of 2021. The interest rate remains at 3.39 percent.
In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 76 percent of the 139,581 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 11 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Jordan Wolf, head officer and Andres Casadiego, site manager. The business entity is Sg Union Llc.
Within a 400-foot radius of 385 Union Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on April 20, 2021 for a 98,206-square-foot R-2 building with 143 residential units at 134 Hope Street.
Of those four items, three were loans above $5 million totaling $46.3 million. The most recent of the three was Joel Schwartz which borrowed $6.7 million from Citibank secured by the 7,250-square-foot, eight-unit rental (C1) on 475 Grand Street on April 5, 2021.

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In the smaller deal, GDC Properties through the entity 245 Smrr Realty LLC as borrower signed a refi loan with lender Sterling National Bank valued at $13.5 million for the 33-unit residential elevator building at 70-74 South 4th Street in Williamsburg, Brooklyn.
The deal closed on December 31, 2021 and was recorded on February 2, 2022. The prior lender was Sterling National Bank which held debt that had an original loan amount of $15 million.
The three properties have 35,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $385 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 GDC Properties was Christine McWalters. The signatory for Sterling National Bank was John Vitale.
The three properties with a total of 35,000 square feet of built space generated revenue of $1.2 million per year or $35 per square foot.

(310076976) Plans for a 33-unit, 35,000 square-foot R-2 were filed on January 9, 2008 and were permitted on June 28, 2010.
This is a mortgage modification agreement. There is no new debt. McWalters is Chief Financial Officer of GDC Properties.
In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 76 percent of the 189,831 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 18 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Jordan Wolf, head officer and Bardh Blaku, site manager. The business entity is 245 Smrr Realty, Llc.
Within a 400-foot radius of 70-74 South 4th Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 20, 2020 for the $1.1 million renovation of 5,224-square-foot R-2 building with four residential units at 89 South 4th Street.
Of those three items, two were loans above $5 million totaling $52.3 million. The most recent of the two was Blank Property Group which borrowed $15 million from Signature Bank secured by the 3,082-square-foot, four-unit four-family building (C3) on 63 South 4th Street and eight other properties on January 4, 2022.

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