Herman Kaufman signs $14.6M refi for new 38-unit rental in East Flatbush

Herman Kaufman through the entity Glenwood Residence LLC as borrower signed a refi loan with lender Webster Bank valued at $14.6 million for the 38-unit rental at 3308 Glenwood Road in East Flatbush, Brooklyn.
On the lot, there was a new building project, B00674044, for a 38-unit, 25,587 square-foot R-2 building submitted by Herman Kaufman and filed by Herman Kaufman with plans filed February 15, 2022 and permitted August 25, 2022.

The deal closed on July 15, 2024 and was recorded on July 23, 2024. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $12 million.

The owner bought the property on December 9, 2021, for $1.5 million. The signatory for Herman Kaufman was Herman Kaufman. The signatory for Webster Bank was Sean C. Winchester.

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 $250 in OATH penalties in the last year.

The neighborhood

In East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.4 times the average sales volume among other neighborhoods with $374.8 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, East Flatbush has 1.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 9,611 square feet of the 38,534 square feet. The two identified owners are Allied Realty & Development and Herman Kaufman.
On the tax block, there were six new building construction projects totaling 58,512 square feet. The largest is a 38-unit, 25,587 square-foot residential (R-2) building submitted by Herman Kaufman and filed by Herman Kaufman with plans filed February 15, 2022 and permitted August 25, 2022. The second largest is a 10-unit, 8,791 square-foot residential (R-2) building submitted by Rasna Chadha and filed by Rasna Chadha with plans filed July 10, 2024 and it has not been permitted yet.

The majority, or 57 percent of the 38,534 square feet of built space are walkup buildings, with retail buildings next occupying 20 percent of the space.

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