Georgios Kelesidis signs $13.1M loan for newly built 93-unit rental in Bedford Stuyvesant

Georgios Kelesidis through the entity Nikki Suites LLC as borrower signed a loan with lender Webster Bank valued at $13.1 million for the 93-unit residential elevator building (D7) at 874 Willoughby Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on March 7, 2023 and was recorded on March 15, 2023. The property has 73,717 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $177 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 December 22, 2011, for $2.8 million.
Georgios Kelesidis, using the name George Kelesidis, filed a new building construction project for a 93-unit, 66,253 square-foot building on September 12, 2012 and it was permitted on April 6, 2018.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes George Kelesidis, head officer and Demetris Drakonakis, site manager. The business entity is Nikki Suites LLC.

The property

The parcel has frontage of 120 feet and is 100 feet deep with a total lot size of 14,868 square feet. The lot is irregular. The zoning is C4-4L which allows for up to nan times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10 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 received nine housing violations and $150 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of six of the 10 commercial properties representing 31,687 square feet of the 115,635 square feet. The largest owner is Andreas Steiner, followed by Camba and then Renaissance Realty Group.
On the tax block, there is one new construction project, for a 57-unit, 36,767 square-foot residential (R-2) building submitted by CAMBA Housing Ventures and filed by Joanne Oplustil with plans filed March 4, 2020 and permitted March 30, 2022.

The majority, or 64 percent of the 115,635 square feet of built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space.

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