Harbor Group signs $76.2M refi with NewPoint in Crown Heights

Harbor Group International through the entity 2101 564 St. Johns, LLC as borrower signed a refi loan with lender NewPoint Real Estate Capital valued at $76.2 million for the 193-unit residential elevator building (D1) at 564 St Johns Place in Crown Heights, Brooklyn.
The deal closed on March 26, 2025 and was recorded on March 28, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $87.8 million.The property has 136,864 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $556 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 June 28, 2019, for $117 million. The signatory for Harbor Group International was Carla R. Stoner . The signatory for NewPoint Real Estate Capital was Randal S. Hering.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Peter Rebenwurtzel, head officer and Michael Haas, officer. The business entities are 564 St. Johns Gardens, Lp and 564 St. Johns Gardens, Lp. The 136,864-square-foot property generated revenue of $7.3 million or $53 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 193 residential units in Crown Heights has 136,864 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 261 feet and is 131 feet deep with a total lot size of 33,900 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2020 and expires in 2045. The city-designated market value for the property in 2022 is $33.4 million. The most recent loan totaled $87.8 million and was provided by New York Community Bank on June 26, 2019. The property has 193 rent regulated units according to city tax records from 2023.

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 three housing violations and $500 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 16, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 22 of the 33 commercial properties representing 439,983 square feet of the 515,509 square feet. The largest owner is Harbor Group International, followed by Renaissance Realty Group and then Richard Sica.
On the tax block, there were two new building construction projects totaling 51,422 square feet. The largest is a 46-unit, 31,493 square-foot residential (R-2) building submitted by GW Equities and filed by Abraham Garbo with plans filed March 7, 2025 and it has not been permitted yet. The second largest is a 19-unit, 19,928 square-foot residential (R-2) building submitted by Loketch Group and filed by Moishe Loketch with plans filed January 26, 2024 and permitted December 11, 2024.

The majority, or 51 percent of the 515,509 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.

The borrower

The PincusCo database currently indicates that Harbor Group International owned at least five commercial properties with 193 residential units in New York City with 1,281,203 square feet and a city-determined market value of $472.6 million. (Market value is typically about 50% of actual value.) The portfolio has $715.6 million in debt, with top three lenders as Goldman Sachs, AIG, and New York Community Bank respectively. Within the portfolio, the bulk, or 88 percent of the 1,281,203 square feet of built space are office properties, with elevator properties next occupying 11 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

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