Harry Einhorn signs $51.5M construction loan with Popular Bank for 130-unit project in Greenpoint

Harry Einhorn through the entity Quay Plaza LLC as borrower signed a new construction loan with lender Popular Bank through the entity Popular Bank valued at $51.5 million for the 130-unit project at 79 Quay Street in Greenpoint, Brooklyn.
On the lot, there is one active new building construction project for a 130-unit, residential (R-2) building. The project was submitted by Mark Rigerman with plans filed June 16, 2022 and it has not been permitted yet.
The deal closed on October 31, 2023 and was recorded on December 8, 2023. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $10 million.

The owner bought the property on July 14, 2016, for $16 million. The signatory for Harry Einhorn was Harry Einhorn. The signatory for Popular Bank was Gary Hoffson.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Harry Einhorn, head officer and Victor Einhorn, site manager. The business entity is Quay Plaza Llc. The 23,500-square-foot property generated revenue of $373,872 or $16 per square foot, according to the most recent income and expense figures.

The property

The parcel has frontage of 165 feet and is 100 feet deep with a total lot size of 16,500 square feet. The zoning is M1-4/R7D which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million. The most recent loan totaled $10 million and was provided by Israel Discount Bank on March 24, 2021.

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 $50 in OATH penalties in the last year.

The neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Greenpoint has 1.9 times the average sales volume among other neighborhoods with $673.8 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Greenpoint has 2.3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 46,007 square feet of the 63,557 square feet. The largest owner is Yidel Hirsch, followed by Harry Einhorn and then George Jedda.
On the tax block, there were two new building construction projects totaling 67,059 square feet. The largest is an 80-unit, 54,586 square-foot residential (R-2) building submitted by Yidel Hirsch and filed by Yidel Hirsch with plans filed July 1, 2020 and permitted November 23, 2021. The second largest is a 130-unit residential (R-2) building submitted by Mark Rigerman with plans filed June 16, 2022 and it has not been permitted yet.

The majority, or 65 percent of the 63,557 square feet of built space are industrial buildings, with walkup buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Harry Einhorn owned at least 21 commercial properties with 152 residential units in New York City with 241,459 square feet and a city-determined market value of $49.1 million. (Market value is typically about 50% of actual value.) The portfolio has $302.8 million in debt, with top three lenders as Popular Bank, Bank Hapoalim, and Citibank respectively. Within the portfolio, the bulk, or 52 percent of the 241,459 square feet of built space are elevator properties, with specialty properties next occupying 19 percent of the space. They are all located in Brooklyn.

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