Hirshmark Capital buys $2.9M note secured by mixed-use in Crown Heights

Hirshmark Capital through the entity 739 Nostrand Funding LLC bought a note with an original principal of $2.9 million from Global Bank secured by Mahmoud A. Hassan Dolah’s mixed-use building (K4) at 739-743 Nostrand Avenue in Crown Heights, Brooklyn.
The deal closed on August 2, 2023 and was recorded on August 16, 2023. The prior lender was Global Bank which held debt that had an original loan amount of $2.9 million.The property has 12,775 square feet of built space and 5,474 square feet of additional air rights for a total buildable of 18,249 square feet according to a PincusCo analysis of city data.
The signatory for Mahmoud A. Hassan on the Global Bank loan was Mahmoud A. Hassan Dolah.

The property

The mixed-use building in Crown Heights has 12,775 square feet of built space and 5,474 square feet of additional air rights for a total buildable of 18,249 square feet according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 80 feet deep with a total lot size of 6,083 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 $1.3 million.

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 five DOB violations and $100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 1.6 times the average sales volume among other neighborhoods with $562.9 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Crown Heights has 2.8 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 26 of the 38 commercial properties representing 168,384 square feet of the 231,241 square feet. The largest owner is William White, followed by Dovie Sperlin and then Aubrey E. Levons.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 231,241 square feet of built space are walkup buildings, with mixed-use buildings next occupying 15 percent of the space.

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