Guardian Realty signs $12.4M construction loan for 28K sf project in Borough Park
Guardian Realty Management through the entity Center 15 LLC as borrower signed a new construction loan with lender Jovia Financial Federal Credit Union valued at $12.4 million for the 28,022-square-foot project at 5115 15th Avenue in Borough Park, Brooklyn.
On the parcel, there was one new building construction project filed totaling 28,022 square feet. It is a 28,022 square-foot business (B) building submitted by Guardian Realty Management and filed by Isaac Simkowitz with plans filed February 22, 2022 and permitted December 16, 2022.
The deal closed on July 6, 2023 and was recorded on July 14, 2023. The property has 2,768 square feet of built space and 13,398 square feet of additional air rights for a total buildable of 16,198 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $4,479 and the price per buildable square foot is $765 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 November 23, 2016, for $5 million. The signatory for Guardian Realty was Chaim Simkowitz.
The property
The parcel has frontage of 66 feet and is 100 feet deep with a total lot size of 6,666 square feet. 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 $1.7 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 $150 in OATH penalties in the last year.
The block
On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 42,000 square feet of the 81,544 square feet. The identified owner is Landau Real Estate.
On the tax block, there was one new building construction project filed totaling 28,022 square feet. It is a 28,022 square-foot business (B) building submitted by Guardian Realty Management and filed by Isaac Simkowitz with plans filed February 22, 2022 and permitted December 16, 2022.
The majority, or 52 percent of the 81,544 square feet of built space are elevator buildings, with mixed-use buildings next occupying 28 percent of the space.
The borrower
The PincusCo database currently indicates that Guardian Realty owned at least 12 commercial properties in New York City with 277,999 square feet and a city-determined market value of $29.5 million. (Market value is typically about 50% of actual value.) The portfolio has $62.5 million in debt, with top three lenders as Bank of Montreal, Sterling National Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 100 percent of the 277,999 square feet of built space are office properties, with industrial properties next occupying 0 percent of the space. The bulk, or 94 percent of the built space, is in Queens, with Brooklyn next at 6 percent of the space.
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