Hamaspik Kings signs $14.8M rehab construction loan for location in Borough Park

The nonprofit Hamaspik Kings through the entity Hamaspik Of Kings County, Inc. as borrower signed a rehab construction loan with lender Dime Community Bank valued at $14.8 million for the office building (O5) at 4102 14th Avenue in Borough Park, Brooklyn.
The deal closed on August 28, 2023 and was recorded on September 14, 2023. The property has 15,483 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $956 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 March 25, 2010, for $1.6 million. The signatory for Hamaspik Kings was Tzvi Wertheimer.

Prior sales and revenue

The 15,483-square-foot property generated revenue of $765,634 or $49 per square foot, according to the most recent income and expense figures.

The property

The office building in Borough Park has 15,483 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 80 feet deep with a total lot size of 3,213 square feet. The lot is irregular. 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 $3 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 3, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 1.4 times the average sales volume among other neighborhoods with $499.9 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 806,721 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 23 commercial properties representing 20,760 square feet of the 109,122 square feet. The largest owner is Tzvi Wertheimer, followed by Kosher Mehadrin Operations Usa and then Hamaspik Kings.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 109,122 square feet of built space are mixed-use buildings, with specialty buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Hamaspik Kings owned at least one commercial property with two residential units in New York City with 4,040 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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