Guan Yu Li signs $19.9M construction loan with 360 Capital Funding in Dyker Heights

Guan Yu Li through the entity 1222 Realty Group LLC as borrower signed a new construction loan with lender 360 Capital Funding through the entity Db 360 Asset Holdings LLC valued at $19.9 million for the specialty building (M4) at 1222 63rd Street in Dyker Heights, Brooklyn.
The deal closed on September 16, 2022 and was recorded on September 27, 2022. The prior lender was 360 Capital Funding which held debt that had an original loan amount of $5.7 million. The property has 22,000 square feet of built space and 8,638 square feet of additional air rights for a total buildable of 30,688 square feet according to PincusCo analysis of city data. The loan price per built square foot is $902 and the price per buildable square foot is $646 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 February 9, 2021, for $8.1 million. The signatory for Guan Yu Li was Guan Yu Li. The signatory for 360 Capital Funding was Daniel N. Bass.

The property

The 1222 63rd Street parcel has frontage of 178 feet and is 200 feet deep with a total lot size of 22,732 square feet. The lot is irregular. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.4 million.The most recent loan totaled $5.7 million and was provided by Db 360 LLC on February 9, 2021.

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 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 $5 million on this tax lot.

The neighborhood

In Dyker Heights, the bulk, or 30 percent of the 7.1 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space. In sales, Dyker Heights has had very little sales volume relative to other neighborhoods with $112.5 million in sales volume in the last two years. For development, Dyker Heights has had very little major development activity relative to other neighborhoods.It had 391,003 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 226,429 square feet of the 226,429 square feet. The identified owner is Guan Yu Li.
On the tax block, there was one new building construction project filed totaling 76,883 square feet. It is a 76,883-square-foot school (E) building developed by C. Colin Albert with plans filed February 23, 2021 and permitted May 26, 2022.

The majority, or 100 percent of the 226,429 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Guan Yu Li owned at least two commercial properties in New York City with 248,429 square feet and a city-determined market value of $18.6 million. (Market value is typically about 50% of actual value.) The portfolio has $40.7 million in debt, borrowed from Madison Realty Capital and Db 360 LLC. Within the portfolio, the bulk, or 91 percent of the 248,429 square feet of built space are elevator properties, with M4 properties next occupying 9 percent of the space. They are all located in Brooklyn.

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