Hirshmark buys $4.8M note on 7-unit Greenpoint rental

Hirshmark Capital through the entity 68 Henry Funding LLC bought a note with an original principal of $4.8 million from 1Sharpe Capital that acquired it from Quanta Finance, secured by Moshe Katlowitz’s seven-unit residential elevator building (D1) at 573 Meeker Avenue in Greenpoint, Brooklyn.
On the lot, there was a new building construction project for a seven-unit, 7,654 square-foot R-2 building. The project was developed by Moshe Katlowitz with plans filed December 29, 2017 and permitted January 23, 2020.
The deal closed on January 31, 2023 and was recorded on February 24, 2023. The original lender was Quanta Finance which held debt that had an original loan amount of $4.8 million. The property has 10,212 square feet of built space according to PincusCo analysis of city data.
The owner bought the property on March 23, 2017, for $2.1 million. The signatory for Hirshmark Capital was Mark Levin.

The property

The 573 Meeker Avenue parcel has frontage of 59 feet and is 70 feet deep with a total lot size of 4,165 square feet. 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 $998,800.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,200 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 31,980 square feet of the 48,059 square feet. The largest owner is Witold Kazior, followed by Ralph Nadile and then Frank Mancini.
On the tax block, there was one new building construction project filed totaling 7,654 square feet. It is a seven-unit, 7,654-square-foot R-2 building developed by Moshe Katlowitz with plans filed December 29, 2017 and permitted January 23, 2020.

The majority, or 43 percent of the 48,059 square feet of built space are walkup buildings, with elevator buildings next occupying 37 percent of the space.

The borrower

The PincusCo database currently indicates that Moshe Katlowitz owned at least two commercial properties in New York City with 10,212 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.8 million in debt, borrowed from Quanta Finance and 1Sharpe Capital. Within the portfolio, the bulk, or 100 percent of the 10,212 square feet of built space are elevator properties, with industrial properties next occupying 0 percent of the space. They are all located in Brooklyn.

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