Green Street Group signs $17M refi with Bankwell Bank for 20-unit project in Greenwood Heights
280 20th Street (Credit - Google)
Green Street Group through the entity 276 20 Street LLC as borrower signed a refi loan with lender Bankwell Bank valued at $17 million for the 20-unit development at 276-280 20th Street in Greenwood Heights, Brooklyn.
The deal closed on September 8, 2022 and was recorded on September 16, 2022. The prior lender was Valley National Bank which held debt that had an original loan amount of $12.3 million.
The owner bought the property on April 6, 2018, for $3.3 million. The signatory for Green Street Group was Derek Greenberg. The signatory for Bankwell Bank was Michael Sulkis.
The property
The 276-280 20th Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 8,483 square feet. The lot is irregular. 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 $1.1 million.The most recent loan totaled $12.3 million and was provided by Bank Leumi on October 6, 2020.
Stay current in this unpredictable market with data.
– Daily lists of new buyers, sellers and lenders
– Weekly feed of new developments and offering plans
– Weekly feed of bankruptcies, foreclosures, note sales
… and over 20 different feeds to find your next deal
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 $14,150 in ECB penalties, one housing violation, and $15,460 in OATH penalties in the last year.
Development
On these lots, there is one active new building construction project for a 20-unit, 23,597-square-foot R-2 building. The project was developed by Daniel Greenberg with plans filed June 14, 2019 and permitted December 24, 2020.
The neighborhood
In Greenwood Heights, the bulk, or 40 percent of the 16.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 36 percent of the space. In sales, Greenwood Heights has had very little sales volume relative to other neighborhoods with $125 million in sales volume in the last two years. For development, Greenwood Heights has had very little major development activity relative to other neighborhoods.It had 637,480 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of eight of the 30 commercial properties representing 28,495 square feet of the 89,929 square feet. The largest owner is Jack Locicero, followed by David Halberstam and then Praim Singh.
There are two new building construction projects totaling 28,459 square feet. The largest is a 20-unit, 23,597-square-foot R-2 building developed by Daniel Greenberg with plans filed June 14, 2019 and permitted December 24, 2020. The second largest is a four-unit, 4,862-square-foot R-2 building developed by Nicolaos Kantaris with plans filed October 20, 2021 and it has not been permitted yet.
the majority, or 53 percent of the 87,287 square feet of built space are walkup buildings, with mixed-use buildings next occupying 38 percent of the space.
The borrower
The PincusCo database currently indicates that Green Street Group owned at least three commercial properties in New York City. They are all located in Brooklyn.
Direct link to Acris document. link