Haussmann Development signs $40.8M refi with Barings for new 76-unit rental in Crown Heights

Haussmann Development through the entity 827 Sterling Owner LLC as borrower signed a refi loan with lender Barings through the entity DPI-Acres Capital LLC valued at $40.8 million for the newly built 76-unit residential elevator building (D3) at 827 Sterling Place in Crown Heights, Brooklyn.
The deal closed on April 25, 2025 and was recorded on May 6, 2025. The prior lender was Urban Standard Capital which held debt that had an original loan amount of $38.5 million. The building has an initial temporary certificate of occupancy dated March March 31, 2025.

The property has 61,433 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $663 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 signatory for Haussmann Development was Josef Goodman . The signatory for Barings was Shubham Chandna .

The property

The residential elevator building with 76 residential units in Crown Heights has 61,433 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 140 feet and is 127 feet deep with a total lot size of 17,891 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $358,000. The most recent loan totaled $38.5 million and was provided by Urban Standard Capital on September 21, 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 $280 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, B00702705, for a 79-unit, 53,098 square-foot R-2 building. The project was submitted by Kriss Capital and filed by Jody Kriss with plans filed March 28, 2022 and permitted January 4, 2024.

The block

On this tax block, PincusCo has identified the owners of 26 of the 36 commercial properties representing 223,226 square feet of the 301,240 square feet. The largest owner is Cb-Emmanuel Realty, followed by David Bowen and then Sara G. Lichtman.
On the tax block, there were three new building construction projects totaling 64,949 square feet. The largest is a 79-unit, 53,098 square-foot residential (R-2) building submitted by Kriss Capital and filed by Jody Kriss with plans filed March 28, 2022 and permitted January 3, 2024. The second largest is a seven-unit, 6,934 square-foot residential (R-2) building submitted by Ari Kirschrnbaum with plans filed May 14, 2015 and it has not been permitted yet.

The majority, or 54 percent of the 301,240 square feet of built space are walkup buildings, with specialty buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Haussmann Development owned at least three commercial properties with 130 residential units in New York City with 36,822 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) The portfolio has $33.5 million in debt, borrowed from Greystone & Co. and Urban Standard Capital. Within the portfolio, the bulk, or 92 percent of the 36,822 square feet of built space are industrial properties, with development properties next occupying 8 percent of the space. The bulk, or 92 percent of the built space, is in Brooklyn, with Manhattan next at 8 percent of the space.

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